Magazine content is available exclusively for TIME subscribers.Business: Manhattan Towers for Sale
The Pan Am Building goes for a stunning $400 million
The rumors that real estate prices might have peaked received a setback last week, when Pan American World Airways announced that it was selling its octagonal Manhattan tower that looms over Park Avenue for $400 million. Completed in 1963, the 59-story aluminum and stainless steel-sheathed skyscraper leads directly into Grand Central Terminal and sits in the center of a midtown office construction boom. "To my knowledge," says John Robert White, chairman of Landauer Associates, Pan Am's real estate broker, "this is the largest price...
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