Nightingale Properties tried to team up with Ashkenazy Acquisition and Wafra to acquire the Coca-Cola building for $910 million, TRD first reported. The proposed deal for 711 Fifth Avenue has ended up in Manhattan State Supreme Court.
- Dig Deeper: Nightingale filed a lawsuit Friday alleging Coca-Cola is in breach of the sales agreement the two parties struck in May… Seems like the buyers had a hard time lining up $800 million in debt to close the deal.
- Be Smart: The retail component (40K SF) once occupied by Ralph Lauren and Breguet now sits vacant; however, both companies’ leases are on the sublet market and expire in 2029. Ralph Lauren’s lease pays Coca-Cola $27.5 million for the next five years and increases to $30 million for the following five. Office tenants at the 354,000 SF property include Allen & Co. and Sandler Management.