Google's snapping up of the massive 111 Eighth Avenue office building in Chelsea, where it already occupies 550,000 square feet, is an even pricier purchase than previously thought, the Post's Lois Weiss reports.
When the deal officially closes today, Google's transfer taxes and other costs will have brought the price tag up from $1.77 billion to an all-in purchase price of $1.9 billion—a staggering amount for these times, especially considering that Google is paying cash. At least now we know what's hiding beneath Sergey Brin's floorboards!
Taxes will bring in $7 million for New York State and $46,462,500 for New York City. (The sale of Stuyvesant Town in 2006 scored the government $250 million, but this ain't bad.) The deal will also bring in over a billion dollars in profit for the sellers, Jamestown, New York State Common Retirement Fund and Taconic Partners. The last time a building netted $1 billion for the sellers was in 2006, when Jamestown sold the News Corp. headquarters at 1211 Sixth Avenue for $1.5 billion. What kind of Christmas bonuses are Jamestown receptionists getting?
Republished with permission from Curbed.com. Authored by Joey Arak. Photo via edenpictures/Flickr.