Bear Stearns nixes Fifth Ave. deal.Long rumored to be on the verge On the Verge (or The Geography of Yearning) is a play written by Eric Overmyer. It makes extensive use of esoteric language and pop culture references from the late nineteenth century to 1955. of taking a large portion, if not all, of the 600,000 s/f 522 Fifth Avenue, Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. has nixed the deal, a source has revealed.
The financial giant, who brokers say has outgrown the confines of its 1.2 million s/f headquarters building at 383 Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. , judged the space too expensive, the source said.
Real estate investment firm, Broadway Partners, purchased the building from a partnership between Stellar Management and the Rockpoint Group for $420 million at the end of April, a stiff price many real estate experts said would require the new owners to charge top dollar rents.
Another source said that the demise of the mammoth deal may have had to do with more than rental rates. According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. the source, Bear Stearns wanted an ownership interest in the building and had even tried to entice Broadway Partners to flip the property, whose previous owners sold it within a few months of its purchase.
The source claimed that when Bear Stearns couldn't secure even an equity interest in the property, it turned its search elsewhere.
Former CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. top gun broker David Levinson, who left the firm last year to direct his focus on L&L Acquisitions, a real estate investment firm he owns in partnership with Robert Lapidus, is Bear Stearn's broker, which prompted speculation when 522 Fifth Avenue was put up for sale that L&L might buy the property and lease it to the Bear Stearns.
In a conversation with REW n. 1. A row. in recent months, Lapidus claimed that those rumors were false and that the firm did not bid on the property.
Neither Levinson, representatives on Bear Stearns or Broadway Partners could be reached for comment.