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fashion-memopad

Memo Pad: Runaway Ads... The Obamas Everywhere... Forbes Sells Another Asset...

The fashion world may be enamored with bloggers — but not when they post future advertising images without permission.

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FORBES SELLS ANOTHER ASSET: Forbes has agreed to sell its Manhattan headquarters at 60 Fifth Avenue to New York University for an undisclosed sum, although reports last month had a potential sale price of $55 million. The transaction with NYU was done with no real estate agent and Forbes will remain in the building as a tenant, under a five-year leaseback agreement. The company moved into 60 Fifth Avenue in 1962. “Selling our building to New York University is gratifying and appropriate,” said Steve Forbes, chairman and chief executive of Forbes and editor in chief of Forbes magazine. The sale infuses some cash into the company, which posted a 30 percent drop in ad pages last year at its flagship title, laid off approximately 100 workers and auctioned its wine collection.

— A.W.

 

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