search

The Real Deal Logo

Trending

Rent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlordsH-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomDan Kodsi scores $86M construction financing package for 420-unit rental complex near OrlandoDan Kodsi scores $86M construction financing package for 420-unit rental complex near OrlandoDiscounts sweep luxury market after price boomDiscounts sweep luxury market after price boom
New York

Eretz Group picks up Argonaut Building for $214M

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

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.

Sign Up for the undefined Newsletter

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.