Property datapoint of the day: 767 Fifth Ave worth $4 billion

John Koblin at the New York Observer today tries to put price tags on New York's most valuable skyscrapers, and certainly comes up with some eye-popping numbers.

The General Motors Building, at 767 Fifth Avenue, is the most valuable building in the world, according to Koblin. Harry and Billy Macklowe purchased it for $1.4 billion in 2003, and it's worth nearly three times that now: $4 billion. For one building. And not even a very good-looking one, either, unless you count the Apple Store's glass cube out front.

And here's another nice flip, should the landlord be in the mood: the even-uglier 200 Park Avenue.

It's huge, it has fantastic views, it's literally connected to Grand Central, and it commands huge rents. It sold in 2005 for a then-record $1.72 billion--but if the current landlord, Tishman Speyer, decided to sell today, it could double that price.

Meanwhile, Rockefeller Center, in toto, is worth $8 billion, give or take. In 1995, it filed for bankruptcy.

You can see why bankers like to lend against this sort of thing. And, also, why Fitch is so worried.

Interestingly, for all that Wall Street is, we're told, the main reason why New York property values are skyrocketing, only one of the buildings on the list is home to a bank. (277 Park, the biggest of JP Morgan's buildings.)