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NEW YORK CITY- Amazon has acquired WeWork's Lord & Taylor building at 424–434 Fifth Avenue between West 38th and 39th Streets in Manhattan for $1.1 billion.
The purchase price of the property is in the form of a $750 million construction loan WeWork borrowed to renovate the property that Amazon will pay down. The remainder of the transaction is approximately $350 million in equity the e-commerce behemoth will pay, according to a New York Post article breaking the news.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
