The Real Deal New York

Solil Management sells Midtown commercial building for $65M

Robert Zirinsky pays roughly $1,700 per sf for five-story site

August 18, 2014 05:08PM
By Mark Maurer

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36 East 57th Street, Jane Goldman and Sol Goldman

Solil Management, the company that controls the assets of late real estate mogul Sol Goldman, has unloaded a five-story Midtown East commercial property with 37,000 buildable square feet for $65.3 million, according to property records filed with the city today.

Solil is known for rarely selling its buildings and often signs tenants to leases of, or exceeding, 99 years. Jane and Allan Goldman have been running the company since Goldman died in 1987.

The buyer is landlord Robert Zirinsky — nephew of another late real estate mogul, Richard Zirinsky of Richard Zirinsky Associates – documents filed with the city show. The buying entity, New York Medical Investors, LLC, has an address at an office used by the Zirinsky family.

The Zirinsky family is well established as owners of industrial property in Brooklyn and Queens, several insiders said. Robert Zirinsky also owns 400 Jay Street in Downtown Brooklyn.

The 9,148-square-foot property at 36 East 57th Street between Madison and Park avenues holds storage and ground-floor retail. The deal entered contract July 14 for roughly $1,700 per square foot. Newmark Grubb Knight Frank broker Jason Pruger, who handled retail leasing for the building on behalf of Solil, could not be reached for comment.

Neither Zirinsky nor a spokesperson could be immediately reached for comment.

The Goldman estate has taken on larger deals in the past few years, a marked change from decades of doing occasional retail deals but few large ground-lease agreements. Sources told The Real Deal in 2013 that market conditions prompted the move. Solil notably leased a 120,000-square-foot site at 18-22 West 56th street to the British company Firmdale Hotels.

In December, Solil subleased about 27,500 square feet of SL Green Realty’s 1185 Sixth Avenue from oil company Hess, with plans to move out of its long-time office at 640 Fifth Avenue, as previously reported.

Adam Pincus contributed to this report.

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