In a news conference this afternoon, Mayor Michael Bloomberg announced that the City of New York has signed a contract to sell 346 Broadway, the former headquarters of New York Life Insurance Company, to The Peebles Corporation. The landmarked building will be redeveloped by Peebles after the City vacates it.

The Peebles Corporation was represented by the Kramer Levin Naftalis & Frankel team of Real Estate partner James P. Godman, Land Use partner Gary R. Tarnoff, Land Use special counsel Valerie G. Campbell, Environmental special counsel Karen Leo Mintzer, Real Estate special counsel Tzvi Rokeach and Real Estate associate Inge Hindriks.