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Peebles Corp. Paying $160M for 346 Broadway in NYC

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    Peebles Corp. CEO Don Peebles on his purchase of the historic building.

  • Duration 3:35
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Frequent guest on this program announced his first real estate deal with and in New York City.

The Peebles corporation will pay a 160 million dollars for 346 Broadway Don -- joins us now festival -- I want a publicly apologize.

I may be in pejorative about this deal and I did not mean to do that I think I suggested that posed a question is the sweetheart deal.

I'm sorry if I said I don't mean to offend.

Tell me why I am so -- -- wrong with the one your competition the public go private RFP process where there were numerous bidders.

Dozens and dozens -- -- understood as high as eighty bidders for three different properties.

And so they negotiated.

-- I was all the bidders for about almost a year from April of last year to February 5 to march of this year really and we -- -- OK so -- process.

That's our new paying a 160 million dollars for this property in New York City what's the significance -- you take your first big deal in New York City and -- -- big gone the real -- business was this a.

And evidence that -- couple things one -- the landmark building that was the original headquarters where New York Life Insurance Co.

so it's an iconic historic building a network that we're fully restore beautiful bill thank you.

-- we -- also donating.

151000 square feet of space to for community arts.

On making available fifteen that I quite a yen took it into condominiums.

That -- those condos and Huff and -- with hospitality is going to be very high end stuff that yes that is gonna create a lot of jobs -- a lot of job object to his wife and is not a problem that you -- a big Obama supports.

-- I have been about it there's strong support the president's been bashing the rich and now you'll gonna.

-- the rich and make money from the rich which by the way.

The president's now bashing the rich but he's certainly talking about making all -- pay more taxes but.

-- -- -- -- And so you know from weird to -- president President Obama is President Obama speaks for himself and his administration and I speak for myself.

My business.

And so.

We are looking to create a lot of jobs hundreds of jobs -- for New Yorkers.

And create more housing downtown which is needed.

-- a more long term jobs and we're really excited about.

This a play on the area that they can have the freedom -- going to be ready -- -- that's gonna but should spark -- amazing.

Like their -- that a play on the overall economy.

Both you know Freedom Tower gonna bring more like -- but there's a tremendous demand.

Offer new housing -- -- have you looked just in this weekend's newspapers in New York time for example big stories about will this bubble that's going on -- Miami.

And a New York City and another Gateway cities globally continue or slowdown and and and the consensus -- it will continue and so we see that there.

And we see also there's a demand for.

Our historic buildings and not necessarily those that are kind of -- cookie cutter glass.

What do -- has a lot of us is that there -- -- world capitals outside London.

May be set in New York may be even Singapore.

Will capital's financial leaders well high end real estate is going through the roof -- -- the state of the underlying economy.

-- -- -- Yes no and I look I think that again there's been the Fossett was turned off for quite awhile during the last recession and so now.

There's there's there's -- -- their lowest we've ever been in the Gateway cities -- again New York Washington DC Miami.

London and so and other places and so now there's there's going to be more construction -- -- much more of that.

Which is a good for the economy.

You paid the money you got the deal congratulations on people's princess thank you.

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