New York’s 14 Penn Plaza sells for $350M

Tax-deferred exchange involved

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A 22-story commercial office building in midtown Manhattan, N.Y., recently sold in a 1031 exchange for $350 million. Circle Properties purchased the building known as 14 Penn Plaza at a price of approximately $625 per square foot. Totaling 558,000 square feet, the property was sold by an unidentified entity. ...