$500,000,000 Skyscraper in heart of NYC Sells for $100,000

The 1330 Avenue of the Americas building sold for close to $500 million three years ago but was auctioned off in April for $100,000 to a Canadian pension fund after owner Harry Macklowe defaulted on a $130 million loan.

The 40 story skyscraper, located just steps from the Museum of modern art and a short walk from both Rockefeller Center and Central Park, was unloaded at the ridiculously low price on the conditions that the new owners take on the enormous debt associated with the property.

The loan was sold to Cadim, Canada’s largest pension fund, and was then transferred to it’s subsidiary, Otera Capital. Otera took over responsibility for the loan and the tower’s $240 million mortgage. The building is two-thirds leased and currently its most prominent tenant is the Financial Times newspaper that has installed a pink ‘FT’ logo on its rooftop.

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