Deals
New York’s 5 Times Square Sale Is Biggest Deal Since 2010
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New York’s 5 Times Square, the headquarters for accounting firm Ernst & Young LLP, sold for $1.5 billion in the biggest transaction for an entire building in the city since 2010.
A partnership led by New York real estate investor David Werner bought the tower from AVR Realty Co., said Allan Rose, AVR’s owner and chief executive officer. The price is 17 percent more than what AVR paid in 2007, when it bought the building from Boston Properties Inc.