Publisher Forbes (FORBES, FORBESWOMAN) has sold its flagship Manhattan headquarters at 60 Fifth Avenue to New York University. Rumors place the sale at $55 million, considerably lower than the original asking price of $140 million when the 145,000-square-foot building was first placed on the market in 2007.
Forbes won’t be moving anytime soon though; the company will remain in the building, which they moved into in 1962, as a tenant with a five-year lease. But, after seeing ad pages drop 30% in 2009, Forbes laid off approximately 100 employees and has been selling off assets – including its wine collection.
Filed under: Financials, Magazine management, US Publishers Tagged: | Magazines
