The Real Deal New York

Eretz Group picks up Argonaut Building for $214M

M1 Real Estate purchased the landmarked West 57th St. structure for $85M in 2010

May 18, 2015 11:30AM
By Tess Hofmann

224 West 57th Street in Midtown

224 West 57th Street in Midtown

UPDATED, May 18, 2:31 p.m.: Abe Talassazan’s Eretz Group purchased the landmarked Argonaut Building at 224 West 57th Street from M1 Real Estate for $213.8 million, according to property records filed with the city today.

Lebanon-based M1 picked up the 10-story, 170,000-square-foot building for $85 million in 2010 and poured $50 million into renovations, according to its website.

The property includes two retail condominiums and office space. The building also has a 20-car basement level parking space.

George Soros’ nonprofit human rights organization, the Open Society Foundations, currently occupies the bulk of the building, located at the southeast corner of 57th Street and Broadway.

CIA Group’s Ray Cecora was the sole broker on the transaction.

Representatives from Eretz and M1 were not immediately reachable.

The property sits across Extell Development’s planned Nordstrom Tower at 225 West 57th Street, which is slated to be one of the tallest buildings in the city and will have a total sellout of $4.4 billion.