Bidding frenzy as the Mohawk Building is sold.

The Mohawk Building located at 160 Fifth Avenue has been sold by its long-time ownership group through the sales marketing team of ABS Partners Real Estate, LLC and Helmsley-Spear, Inc.

A sealed bid process was used directed by Gregg Schenker and Steven Hornstock who reported that many of New York City's established real estate purchasers competed for the property. Over 20 buyers submitted bids for the building.

Earle Altman, Co-Chairman of ABS Partners Real Estate, LLC, indicated that with full possession of the office portion in 2009, the new owner has many options, including converting the building to either a hotel, a residential condo, a one tenant international headquarters, or simply retain the building as a multi tenant 5th Avenue office retail building.

Steven Hornstock, the lead broker in the sale, indicated that his buyer is exceptionally qualified and will likely announce to the real estate community, a well thought out design and concept for this wonderful building and site which is 92' on Fifth Avenue, x 141'.5" on 21st Street and Zoned C6-4M and C6-4A. Hornstock would not comment on the price, however, previous media reports have indicated a price in the $70mm range.

160 Fifth Avenue is a 9-story + penthouse office building approximately 142,516 square feet. Located in the extremely vibrant business, residential and educational Midtown South/Madison Square Park/Union Square/Baruch College/NYU/Parsons School/New School campus areas.

Earle Altman, Gregg Schenker, Steven Hornstock, Rick Weisfisch, and Randy Modell of ABS Partners Real Estate, LLC along with Thomas Schwartz of Helmsley-Spear, Inc. were the co-exclusive agents representing the seller in this transaction