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News > Companies
Rockefeller Center for sale
May 22, 2000: 4:36 p.m. ET

Sale of 12-acre, 12-building Manhattan landmark could fetch $2.5 billion
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NEW YORK (CNNfn) - Rockefeller Center, one of New York City's premier landmarks and most popular tourist destinations, is up for sale, the management group that owns the 60-year-old property said on Monday.

Rockefeller Center, a system of 12 Art Deco office buildings on 12 acres in midtown Manhattan, could fetch up to $2.5 billion, according to sources close to the company. The owner of the property, Rockefeller Center Properties Inc. Trust (RCPI), is majority owned by Goldman Sachs Group Inc. (GS: Research, Estimates).

"This is not untypical for a trophy building," real estate attorney Ross Moskowitz, a partner with Strook & Strook & Lavan said. "...It's not unusual, especially for a new purchaser to come in fix it up then put it back onto the marketplace."

graphicIn a press statement, the group boasted of the improvements made to the center since they acquired it in 1996 from Mitsubishi Estate Co. for about $1.2 billion. RCPI Trust now seeks to cash in on the appreciated value of the real estate.

"Four years ago, RCPI Trust set out to re-energize Rockefeller Center and restore this world icon to its place as the vibrant heart of New York City," said Howard Rubenstein, a spokesman for RCPI Trust. "RCPI Trust (has) decided to explore a sale or possible recapitalization of the property to realize the considerable appreciation in value that has occurred."

Moskowitz said whoever buys Rockefeller Center is not likely to get the same return on the building as Goldman Sachs because the current owners have already invested millions in improvements, thus upping the value.

Others in the Rockefeller Center group include David Rockefeller, Chicago's Crown family, Italy's Agnelli family, Greece's Niarchos family and Tishman Speyer Properties, which also has been operating the complex.

Rockefeller Center's attractions include the NBC television studios, Radio City Music Hall, a popular ice skating rink, and during the winter, the giant Christmas tree that stands in front of the GE building.

Over the last four years, 72 retailers have signed leases at Rockefeller Center, about half of which are new clients such as Sephora, Banana Republic, J. Crew and Kenneth Cole. Seven new restaurants also signed leases at the complex.

Additionally, the company completed the restoration of Radio City Music Hall and general cleaning of the faades of all 12 buildings that make up the complex. Back to top

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.