NY Fed Picks Up Downtown Manhattan High-Rise For $208M

Law360, New York (February 28, 2012, 8:52 PM EST) -- The Federal Reserve Bank of New York has bought 33 Maiden Lane, a skyscraper in Manhattan's Financial District, from Merit US Real Estate Fund III LP for $207.5 million, the bank said Tuesday.

The New York Fed's board of directors and board of governors approved the purchase, which was made based on a comprehensive financial analysis weighing the bank's long-term space needs and potential fluctuations in the New York downtown real estate market, according to the announcement.

“The purchase is a cost-effective way to meet our...
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