Back in 2014, Thor Equities and General Growth Properties were in contract to acquire the four-story, 21,837-square-foot commercial-retail building at 220 West 57th Street, in Midtown. Now, the developers are expecting to close on the property – an individual landmark dubbed the Society House of the American Society of Civil Engineers – for $85 million in June, according to The Real Deal. Its existing tenant, Lee’s Art Shop, is in the process of moving out, probably in time for the sale, DNAinfo reports. The new owners plan to renovate the building into luxury retail space. Any exterior alterations to the building will have to be approved by the Landmarks Preservation Commission. The property comes with 104,160 square feet of air rights.
Earlier this week, YIMBY reported on applications to expand, by five stories, the 20-story, 115,000-square-foot multi-use commercial building at 685 Fifth Avenue, located on the corner of East 54th Street in Midtown. It was previously reported that Michael Shvo was in contract to acquire, from property owners General Growth Properties and Thor Equities, 90,000 square feet of office space (the entire office portion). That deal has since fallen through, and now, Gulaylar Group is in contract for the office space, according to The Real Deal. As part of the deal, the new owner will also develop the five-story office expansion. The sale is expected to close later this year. The lower portion of the building is currently undergoing a retail redevelopment. Its 23,400 square feet was leased to Coach in February and will become the retailer’s flagship store.
In January, news broke that Cornell Realty Management was planning a four-story, 35,000-square-foot retail building at 257-263 West 34th Street, in the Garment District section of Midtown. Now, the developer has filed applications for the project with the Department of Buildings. The structure will actually measure 28,130 square feet above grade and will feature retail space on the cellar through the fourth floors. The fourth floor will also features an upper mezzanine level that that will be utilized as retail space. Michael Even’s NoMad-based ME Architect is the architect of record. The 44-foot-wide assemblage is currently occupied by three unrecognizably altered four-story commercial buildings. Demolition permits were filed in March to knock them down.
Last month, the Chetrit Group began converting the 37-story, 855,000-square-foot Sony Tower – the office building at 550 Madison Avenue, between East 55th and 56th streets, in Midtown – into 113 condominiums, a 170-key hotel, and 25,451 square feet of retail space. Now, Olayan America (the U.S. branch of Saudi Arabia-based Olayan Group), with minority investor Chelsfield, is in contract to acquire the tower for more than $1.3 billion, according to The Real Deal, officially stopping the project in its tracks. The new owners will not follow through with the conversion and will lease the building as office space. Chetrit is selling the building, most likely because of the cooling ultra-luxury residential market, for at least $200 million more than what they payed for it in 2013. The soon-to-be new owners have secured $300 million in mezzanine debt and a $600 million mortgage for the acquisition. The sale is expected to close in May.
General Growth Properties and Thor Equities have filed to expand, by five stories, the 20-story, 115,000-square-foot multi-use commercial building at 685 Fifth Avenue, located on the corner of East 54th Street, in Midtown. The property’s commercial square footage – 109,543 square feet – will remain the same, because a portion of the space on the lower levels will be utilized to build the vertical expansion. As a result, the structure will see an increase in height from 227 feet to 292 feet. Coach has already secured a lease to take 23,400 square feet of retail space on the first few floors for its new flagship store, The Real Deal reports. Midtown South-based Marin Architects is the architect of record. In June of 2014, GGP and Thor acquired the building for $460 million, and it was reported last November that Michael Shvo is in contract to acquire the building’s existing 90,000 square feet of office space for north of $100 million. It doesn’t appear the future office space on floors 21 through 25 was part of the deal with Shvo.