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Amazon Is Reported Buying NYC’s Lord & Taylor Building, Buying Out WeWork

Courtesy of ZeroHedge View original post here.

Having shunned New York over the HQ2 debacle, it appears Amazon has decided that its NYC headquarters will be a little closer to the heart of retail.

The New York Post is reporting, citing unidentified people familiar, that Bezos and his pals are forking over $1.15b in cash to buy the former Lord & Taylor flagship in Midtown Manhattan.

The building will reportedly serve as Amazon’s NYC headquarters, housing some 4,000 employees who will move into the new office about 18 months, one of the person said

The largest cost associated with the deal consists of Amazon paying off $750m in construction loans taken out for WeWork’s renovation of the space, and the remainder consists of more than $350m in equity for the building’s current owners.

The New York Post notes that, according to the same people familiar with the matter, that WeWork has waived any economic interest in the building in exchange for getting out of the lease, and co-founder Adam Neumann won’t make any money on the deal

What will AOC say?

Incidentally, this news hits right as Amazon tells all its employees to work from home through through March if they are able, CNBC reported, citing a statement from the company.

“We are now recommending that all of our employees globally who are able to work from home do so through the end of March,” a spokesperson said.

So maybe the Lord & Taylor Building can be redesigned as a major quarantine center?


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