Amazon Just Bought Lord & Taylor Building from WeWork. Did It Overpay?

At a time when most investors are nervous to embark on new deals, Amazon has charged ahead with plans to expand its footprint in the Big Apple. The e-commerce giant acquired the iconic Lord & Taylor flagship building in Midtown Manhattan from troubled co-working operator WeWork for $978 million, according to New York City Department of Finance records.

While at least a temporary recession is now all but a certainty, this deal was in the works long before COVID-19 became an immediate threat to the U.S., notes Eric Anton, associate broker in the New York office of brokerage firm Marcus & Millichap.