Feb. 28 (Bloomberg) -- The Federal Reserve Bank of New York bought the building at 33 Maiden Lane for $207.5 million from Merit US Real Estate Fund III, LP, according to a statement on the district bank’s website.
“The purchase is a cost-effective way to meet our business needs and will enable us to more easily ensure appropriate security for our operations,” William C. Dudley, president of the New York Fed, said today in the statement.
The New York Fed previously leased space in the building and was its primary occupant since 1998, the district bank said in the statement.
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