Surprise Surprise, Goldman Stiffs Saks

Goldman provided an updated US$3.7bn valuation of Saks flagship store location, just one year after they told shareholders US$2.9bn was a fair price for the whole business, the Manhattan land alone is worth more than that.

Maybe you’ve visited Saks Fifth Avenue’s flagship department store in New York City. So large it commands its own zip code, Saks is the most famous of all the venerable shopping destinations in the Big Apple.

Last year, the company sold itself to Canadian Retailer Hudson’s Bay for US$2.9bn. On Monday, only a year later, Hudson’s Bay commissioned an appraisal of the real estate under Saks’s flagship Manhattan store that pegged its value at US$3.7bn.

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