HSBC Holdings has received an offer from United States real estate developer Ziel Feldman to buy and lease back its landmark office building in New York, according to a statement. Ziel Feldman, which holds 40 per cent of Israel's Polar Investment, has made an offer to buy the 29-storey New York property in Fifth Avenue, the company said in a Tel Aviv Stock Exchange statement yesterday. It is the first international buyer to publicly express an interest for one of HSBC's three major office buildings in New York, Paris and London at a time when financing for commercial property is difficult and values are falling. Ziel Feldman did not disclose the offer price in its statement. HSBC's spokesman did not have any comment yesterday. Analysts said the potential sales could give HSBC a chance to raise cash for acquisitions but expected the falling property market to affect the price. 'It would be difficult for HSBC to sell at a good price, given the challenging environment,' said Lee Yuk-kei, an analyst with Core Pacific-Yamaichi International. The British lender said in April it might sell three of its biggest office towers, including the Canary Wharf world headquarters in London and the French base on the Champs-Elysees, to raise cash as it tries to avoid a bailout from the British government. Analysts expect the three buildings to raise about US$3.98 billion. HSBC might lease the offices back from the buyer. This will be HSBC's second sale of its London headquarters in the past two years. HSBC sold the 100,000 square metre tower for GBP1.1 billion (HK$14 billion) in mid-2007 at the height of the property boom to troubled Spanish property firm Metrovacesa. It then leased back the property. Last year, it bought the building back for GBP800 million, making a GBP300 million profit. Shares of HSBC dropped 0.08 per cent to close at HK$66.55 yesterday.