Downtown site Sold for $80 Million
Jul 30, 2014 July 30, 2014
The site of the Empire World Towers is changing hands in a recent, and rather pricey, bidding deal.
PMG CH Downtown Developers, LLC placed a bid for $80 million for the Empire World Towers property, and won.
Bids needed to be in on July 9, and PMG was chosen as one of the finalists in the bidding race on July 21.
15 offers were submitted for the property, ranging from $25 million to $80 million.
PMG also agreed to pay a $7 million deposit during a due diligence period that ends the first of August.
Though it is likely just a formal procedure, a judge must approve the sale.
The property was sold previously in 2005 for $31.75 million during the peak of the real estate market.