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In a deal that signals the midtown Manhattan real estate market remains firm after the Sept. 11 terrorist attacks, Reckson Associates Realty Corp. has gone through with a planned sale of a major stake in its largest property, a Third Avenue office building, for $221 million.
The Melville-based company, one of the largest property owners in the tri-state area, said Monday that it has agreed to sell a 49 percent stake in the 1.4-million-square-foot building at 919 Third Ave. to the New York State Teachers' Retirement System. Reckson will continue to be the majority owner of the property and manage day-to- day operations, including leasing.
The building is the largest in Reckson's stable of about 182 commercial properties...