How the $855M deal for the HSBC tower deal fell apart – Robert Khodadadian

Andrew Chung’s deal to acquire the HSBC tower in Midtown may have been doomed from the start. After agreeing in December to buy the building at 452 Fifth Avenue for $855 million, the founder of Innovo Property Group rushed to put down a $30 million deposit. But Chung had a secret: He didn’t have the equity to make the deal happen. To close by the April deadline, sources said, he was banking on a high-wire

Robert Khodadadian is an experienced commercial real estate broker in New York City and founder of Skyline Properties. Skyline Properties specializes in off-market or “quiet” real estate transactions, allowing buyers and seller to bypass traditional avenues and extraneous expenses of high-profile listings in the New York City area. Commercial Real Estate, Home Page, Andrew Chung, hsbc, Innovo Property Group, office market, PBC The Real Deal New York Read More