OLD Media Moves

Forbes building deal for $60 million

January 10, 2010

Keith Kelly of the New York Post reports that the selling price of the Forbes building last week to New York University was in the $60 million area.

Kelly writes, “The sale at the reduced price is a sign that the liquidation spree is not over for Steve Forbes and his three brothers, Timothy, Christopher and Robert. A sister, Moira, has a stake in the company on the ownership side but never worked there. In the past six years, the family has raised more than $600 million by selling off pieces of its far-flung empire.

“A company spokeswoman insisted that the sales are all part of normal estate planning. But some see the moves as a signal that the publishing company at the heart of the family empire is no longer throwing off enough cash to keep the growing family in the style to which it has grown accustomed.

“‘I think it’s sad,’ Peter Newcomb, a former editor at Forbes, who used to work on compiling their acclaimed Forbes 400 list of richest Americans for Forbes magazine, said of the sale of the headquarters building.”

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