Hearst sells landmark Argonaut Building to Beirut investors

July 14, 2010 08:30AM

Argonaut Building

A Beirut-based investment group is in contract to buy the landmark
Argonaut Building at 224 West 57th Street from the Hearst Corporation,
the Post reported. The investors, an affiliate of M1 Group, had already
inked a 99-year ground lease on the property in 2008 and had been
renovating the 164,800-square-foot, mostly-vacant building ever since.
The 1909, Francis Kimball-designed building is getting a $45 million
upgrade by architecture group Gensler, with an end goal of LEED gold
certification. While the price of the sale contract was not immediately
clear, the Post speculated that it would likely go for between $50
million and $100 million. The 10-story structure has 6,000 square feet
of ground-floor retail space available with an asking rent for $225 per
square foot, which can be combined for a discount with 10,000 square
feet on the basement level and 13,000 square feet on the second floor.
There are also seven 18,000-square-foot office floors upstairs and a
4,800-square-foot penthouse. Colliers International is marketing the
space. [Post]