On the Market
The Metropolitan Museum of Art has amended its lease with the city, allowing the museum to legally charge an admission fee.
The MET said the new amendment confirms and continues the 42-year-long agreement under which the museum and the city first established, and since maintained, a discretionary admission policy.
The move comes on the heels Read More
Related is selling The Monterey, a posh Upper East Side luxury apartment building at 175 East 96th Street, The Commercial Observer has learned.
Sources familiar with the offering said the company hopes to score bids in the $250 to $300 million range for the 29-story tower, which means the firm could snag nearly $575,000 for each of its 522 units.
The announcement came as a surprise to some, as Related built the building in 1993 and has a reputation for hanging on to things.
“I think everybody is surprised when related sells something… they are predominately long-term holders,” the source said. “But I always say that even the best gardens need pruning once in a while, and once every couple of years they sell an asset.”