Israeli Firm To Sell HSBC Tower In New York For $855 Million

Innovo Property Group is purchasing the building for a reported $855 Million

Property and Building Corp, based in Israel, has sold the HSBC Building in New York to Innovo Property Group. The seller is taking a $45 Million loss, yet another indication of concern as to the pace of recovery in that sector. Posted on Shore News Network on 12/5/2021:

Doron Cohen, chief executive of both Property and Building and Discount, said management was focusing on income-producing properties in Israel and that the amount it was receiving from both transactions would allow it to advance this policy.

“We are continuing the policy and examining the possibility of realising additional properties in the United States and in Israel,” Cohen said, noting the sale of the HSBC building came despite “gloomy” predictions over U.S. commercial real estate market.