Newsweek obtains $5M for move to Broadway. ($5 million city financial incentive to move to 1775 Broadway in New York, New York)

Real Estate Weekly | December 8, 1993| | Copyright

While Newsweek magazine has announced its move uptown, its well-known but rented home at 444 Madison may be on the sales block. The building is owned by Richard Bernstein, who heads the Western Publishing empire. That company is being courted by several prominent entertainment and toy firms interested in taking over the company. Bernstein himself owns the 42-story Newsweek building. That has 400,000 square feet of which half will be empty by May, along with a spectacular four directional rooftop tag line. Should it be sold, real estate experts estimate a price between $120 ...

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