HSBC Building — No, Not That HSBC Building — Sells for $26.3 Million

A dignified-looking Upper East Side building belonging to HSBC Bank has traded for a solid $26.3 million, according to city records.

The Upper East-Side based Friedland Properties bought the two-story red-brick Madison Avenue building on Oct. 16. A representative of Friedland Properties told The Observer that the building would continue to be a bank.

The property, at 1002 Madison Avenue, between 77th and 78th streets, last traded in 1980, for an unspecified amount of money.

Exciting though this trade may be in what is largely a somnolent real estate market, it's not the HSBC deal that many in the real estate industry had once hoped for.  read more »

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