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DESPITE THE PARALYSIS IN the city's commercial property market, the sale of 1185 Sixth Ave. will go on, its owners vow.
Real estate brokers have been expecting the 1 million-square-foot skyscraper to be pulled off the market. In good times, they say, the Malkin family could get $350 a square foot for the property's leasehold, which is what's for sale. With the current credit crunch, they're not so sure.
The Malkins have lined up three finalists and plan to choose a winner in the next couple of weeks, though.
"Our deal is definitely proceeding," says Anthony E. Malkin, one of the building's general partners.
As a fully renovated, fully leased office tower with stable cash flow, the property at West 46th and 47th streets drew strong interest from pension funds and insurance companies, he says. These institutions are hunting aggressively for buys these days because other contenders, like real estate investment trusts and highly leveraged investors, have been sidelined.
The financial information provider hired Cushman & Wakefield Inc. to handle the search.
A second big space user, John Wiley & Sons Inc., is...