Soloviev Group is eyeing an office tower for its 57th Street location.
CEO Michael Hershman says his company is looking for a company to anchor an office tower on the decades-in-the-making assembly line on 57th Street.
“There are simply too many companies looking and not enough space,” he told me at the Real Estate Board of New York gala last week. “We believe our 57th Street property is the perfect location to build a headquarters for both a domestic and foreign company.”
However, he would not discuss who the Soloviev Group has spoken to so far, but said the site could create more than 900,000 square meters of office space.
The developer bought 24 West 57th Street last year for $67 million, adding to the properties the company owns at 6-20 West 57th Street. At the time of the deal, Hershman said The real deal that his company would either pursue a headquarters on the site or build a luxury apartment and hotel project.
Developers have shown increasing interest in trophy office properties in the city. In November, Vornado Realty Trust filed permit applications for its 2 million-square-foot office at 350 Park Avenue. Per the New York Business Journalthe city’s Public Design Commission this week advanced RXR and TF Cornerstone’s plans for a 2.9 million-square-foot office tower at 175 Park Avenue.
Nearby, Gary Barnett is snapping up 405-415 Park Avenue, along with the air rights attached to the Central Synagogue. Barnett’s plans for the site are not yet clear, although my colleagues report that the size of the collection suggests an office or mixed-use development.
What we’re thinking about: Who will be the next director and chairman of the Department of City Planning and the City Planning Commission, respectively? Send a message to kathryn@therealdeal.com.
Something we learned: As of Monday, the City Council does not have enough votes to override Mayor Eric Adams’ veto of the Community Opportunity to Purchase Act (COPA). That could change between now and Thursday. We will keep you informed.
Elsewhere in New York…
– Public schools in the city will reopen for in-person learning on Tuesday, Gothamist reports. The younger grades were taught remotely on Monday, while the high school students were off.
– Eight people were found dead or later died in a hospital between Friday evening and Monday afternoon, due to subzero temperatures and Sunday’s winter storm, reports the New York Times. Mayor Zohran Mamdani said Monday that his administration is stepping up efforts to “connect vulnerable New Yorkers with shelter.”
— The trial of the Alexander brothers starts Tuesday. Be sure to follow the news from my colleagues!
Closing time
Residential: The highest residential deal recorded on Monday was $9.8 million for a condominium unit at 211 West 84th Street. The Upper West Side unit at The Henry is 3,400 square feet. Compass’ Alexa Lambert, Alison Black and Elizabeth Goss are credited.
Commercial: The best recorded commercial deal was $20.6 million for 6065-75 Strickland Avenue. The Salvation Church of God purchased the 20,000-square-foot Mill Basin, Brooklyn estate from Strickland Realty Group.
New on the market: The highest price for a home to hit the market was $12.5 million for a penthouse at 39 West 23rd Street. The Flatiron apartment is 3,200 square feet. Compass’ Gambino group has the entry.
— Joseph Jungerman
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