{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Gen Motors building most expensive in US' data-url='/boclips/videos/5c54c296d8eafeecae15ace9' data-video-url='/boclips/videos/5c54c296d8eafeecae15ace9' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nGen Motors building most expensive in US\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Tilt up from street level to General Motors (GM) building2. Mid-shot of GM building sign, people walking out of building3. Wide of GM building, zoom into mid of entrance4. SOUNDBITE: (English) Matt Miller, Forbes Magazine analyst:\"If...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Tilt up from street level to General Motors (GM) building\u003cbr/\u003e2. Mid-shot of GM building sign, people walking out of building\u003cbr/\u003e3. Wide of GM building, zoom into mid of entrance\u003cbr/\u003e4. SOUNDBITE: (English) Matt Miller, Forbes Magazine analyst:\u003cbr/\u003e\"If the GM Building actually is sold for more than three (b) billion dollars it will be the biggest sale in real estate history in the United States, and so we should give it a lot of respect. What it will do for the New York real estate market is it will at least stabilise it. New York is not immune to some of the problems that we are having in the real estate market across the country. It has been fairly stabilised, this will continue to bolster the New York real estate market.\"\u003cbr/\u003e5. Close-up of FAO Schwarz toy shop, zoom out to wide of GM building\u003cbr/\u003e6. Close-up of CBS TV studio sign on the GM building  \u003cbr/\u003e7. SOUNDBITE: (English) Matt Miller, Forbes Magazine analyst:\u003cbr/\u003e\"It will take a long long time. If you buy the GM building for three or 3.5 (b) billion dollars it's going to take a long time to flip this thing for five (b) billion dollars. So what people are really buying this for, is for the income. They want to redo all the leases. They want to bring in a lot of money per square foot on the leases and use it as an income property rather than trying to buy it, fix it up, flip it.\"\u003cbr/\u003e8. Zoom out from GM building tower windows to reveal tower set against sky   \u003cbr/\u003eNew York's General Motors Building, home to CBS and FAO Schwarz on the city's famous Fifth Avenue, is up for sale with a price likely to shatter real estate sales records at over three (b) US dollars.\u003cbr/\u003eThree bidders are contending for ownership of the 50-story landmark tower off Central Park.\u003cbr/\u003eThe offers work out at about 1,500 US dollars per square foot.  \u003cbr/\u003e\"What it will do for the New York real estate market is it will at least stabilise it,\" said Matt Miller of Forbes in an interview with AP Television on Wednesday.\u003cbr/\u003e\"New York is not immune to some of the problems we are having in the real estate market across the country. It has been fairly stabilised, this will continue to bolster the New York real estate market,\" said Miller.\u003cbr/\u003eDeveloper Harry MacKlowe, owner of the GM Building, is hoping the sale of the building will help his own real estate empire.  \u003cbr/\u003eThe new owners will have to face a New York real estate market hit by a Wall Street job losses, tightening credit and a weak economy.   \u003cbr/\u003e\"If you buy the GM building for three or 3.5 (b) billion dollars it's could take a long time to flip this thing for five (b) billion dollars. So what people are really buying this for is for the income,\" said Miller.\u003cbr/\u003e\"They want to redo all the leases. They want to bring in a lot of money per square foot on the leases and use it as an income property rather than trying to buy it, fix it up, flip it,\" he added.\u003cbr/\u003eThe GM Building at Fifth Avenue and Central Park South is a hard building to gauge according to real estate experts because its location gives it a value irrespective of the strength of the New York office market.  \u003cbr/\u003eJoseph Cayre, a New York real estate investor, and some Middle East partners are said to be one group vying to own the GM tower, as well as World Trade Center developer Larry Silverstein.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv 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