Crown, a New York City-based real estate development company, was represented by CB Richard Ellis' Stephen B. Siegel and Rand Pear. Tommy Hilfiger was advised by CBRE's Bruce Surry. "It's a hidden gem," Siegel tells GlobeSt.com, while declining to comment on specifics of the sale. Built in 1907, the building is an example of early 20th century commercial architecture and has "uniquely high ceilings," he adds.
Hilfiger last year sold a site at 485 Fifth Ave. This sale is the next step in the clothing maker's consolidation of its New York City operations into a single headquarters in the Starrett-Lehigh Building at 601 West 26th St. Tommy Hilfiger expects to yield a $20-million pretax gain. The sale is expected to close near the end of November, but the company has the option of continuing to occupy the site until June 30, 2006.
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