Charles Cohen to sell Fifth Ave building at massive discount to Vornado
Billionaire Charles Cohen is eking out a little liquidity. Vornado has entered an agreement to buy Cohen’s Manhattan office tower at 623 Fifth Avenue for $218 million, the company announced Monday. A sale would help pay off Cohen’s nearly $200 million judgement to Fortress Credit Corp. But the price was likely less than he was hoping for: The property was valued at more than three times that amount, $712 million, in 2023, according to a financial statement filed with the court. Cohen’s fight with Fortress is a result of personally guaranteeing a $534 million loan portfolio. When the billionaire defaulted, […]
This article originally appeared on The Real Deal. Click here to read the full story.
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