Business Services Industry

Philippine Bank purchases - Bank of the Philippine Islands acquires building in New York, New York

Real Estate Weekly, June 3, 1992

The Bank of the Philippine Islands has purchased the building located at 7 East 53rd Street, which after and alteration the Bank plans to occupy for its New York Office. Just east of Fifth Avenue this 6,500 square feet, three-story building adjoins, on the east, the attractive Paley Park. Richard W. Seeler, president, of Gronich & Company, a broker in the transaction stated that the sale ended a long search by the Bank to find the right size building in the right location.

The building was formerly occupied by Honeybee, a major retailer and mail order company, which recently closed its retail stores with plans to concentrate on its mail order business.

The seller is an Estate of which the Manufacturers Hanover Trust Company is a co-executor. Victor Tuohy, vice president, of the Trust Real Estate Department represented the seller. The purchase price was not disclosed.

COPYRIGHT 1992 Hagedorn Publication
COPYRIGHT 2004 Gale Group

 

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