Bank of America recently sold its $7 million dollar corporate apartment. According to The New York Observer, “...On Friday, just after Bank of America announced a billion-dollar loss in the third quarter, a deed in city records showed that the massive firm had sold off its corporate apartment in the Time Warner Center for $7.2 million. On the bright side, it cost $6.35 million to buy three years ago.”
It's not clear if the apartment had been listed for sale. Its buyer is listed as a limited liability corporation called Tata Real Property. Bank of America regularly reviews our real estate portfolio across the enterprise to ensure we are efficiently managing our portfolio, a spokesperson for Bank of America said, and delivering cost saving results.
“Especially on a dark afternoon like this one, you stare up at the twin-towered, 53-story, 2,800,000-square-foot, sharp-edged, nefariously shiny Time Warner Center and wonder what really goes on in the multimillion-dollar condos. According to James B. Stewart’s 19,148-word epic on the financial world’s collapse, it was in this Bank of America sprawl--on the north tower’s 57th floor--that chief Ken Lewis met Merrill Lynch’s John Thain on Saturday, Sept. 13, 2008, to talk about a merger.”
So we’re thinking two things about this sale.
First, this could be another show of assurance to their investors that the bank is serious on restructuring its financial situation after not fairing well in the last quarter or…
Second, they want to forget about the location where Mr. Lewis made a very, very bad decision.
Maybe then, the real reason could be a combination of the two.
Author Resource:-> Andy Denton is the COO of www.Realty.com. Realty.com is a real estate search portal, dedicated to connecting home buyers and sellers to trusting real estate services. Follow the Realty.com blog for up to date housing news and trends. And monitor local mortgage rates at RealtyGadget.com.