Chicago Billionaires and Developer to Buy Rockefeller Center

Published December 22nd, 2000 - 02:00 GMT

New York City's landmark building complex known as Rockefeller Center has been tentatively sold to a billionaire Chicago family and a New York developer for 1.85 billion dollars (2.02 billion euros), The New York Times said Friday. 

The deal, to be completed next spring, will sever all connections between the Rockefeller family with the 10-building, nine-hectare (22-acre) complex situated Mid-town Manhattan. 

Under the terms of the pending deal, New York developer Jerry I. Speyer and the Chicago family of Lester Crown, which already owns five percent of the Rockefeller Center, will acquire the interests of David Rockefeller, the Goldman Sachs Group, the Agnelli family of Italy, and the estate of Greek shipping magnate Stavros Niarchos. 

There are no plans to make any major changes at the complex, the daily said, adding that since it was brought by Goldman Sachs in 1996 for 900 million dollars it has doubled in value. 

However, the purchase price of 1.85 billion dollars fell short of the 2.2 to 2.5 billion real estate executives said Goldman Sachs had been seeking, the newspaper said -- NEW YORK (AFP)  

 

 

 

© 2000 Al Bawaba (www.albawaba.com)

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