Record Price for Office Building.

In Raleigh, NC anything over $200 gets everyone's attention.

So this record price of $1,589.00 is pretty unbelievable.

Highlights from the WSJ article:

The 33-story building at 57th Street and Park is being sold by a partnership that includes New York State Common Retirement Fund and Taconic Investment Partners LLC, which paid $158 million, or about $492 per square foot, in 2002. "It was simply time to mine a fantastic asset sale for us," said Paul Pariser, co-chief executive of Taconic.

"These trades sum up the juxtaposition of the decline of the dollar and the overflowing liquidity that is increasing the number of buyers to many markets in the U.S., and clearly New York is their preferred destination," says Douglas Harmon, senior managing director of Eastdil Secured, who brokered both the 450 Park and 660 Madison transactions.

RealEstateJournal New York Building's Record Price Shows Office Market's Strength: "New York Building's Record Price
Shows Office Market's Strength"