Solow beats Barnett, bids $120M for 12 W. 57th St.

TRD NEW YORK /
Feb.February 27, 2012 08:30 AM

Sheldon Solow outdueled his West 57th Street rival and acquired an office building on the block at a near record price.

The New York Post reported Solow, who developed 9 West 57th Street, bid $120 million for 12 West 57th Street to beat out One57 developer Gary Barnett, president of Extell Development, for the 12-story property. The price works out to more than $1,400 per square foot, which the Post said was nearly a record high for Manhattan office space, however PropertyShark.com data show that more than 53,000 of the building’s 81,174 square feet is dedicated for retail.

Solow’s plans for his new acquisition weren’t immediately clear, but the Post noted that the landlord has kept neighboring 6 West 57th Street vacant for years and could combine the two properties into one large development.

The building, previously owned by Trigon Equities, was offered for bidding to the two West 57th Street titans by a Jones Lang LaSalle team of Richard Baxter, Ron Cohen, Scott Latham and Jon Caplan. The Post said Barnett “shrugged off” the loss, and revealed plans to build a luxury hotel at 18 West 57th Street, which he acquired last year for $80 million. [Post]


Related Articles

arrow_forward_ios
Extell Development's Gary Barnett (Credit: Getty Images and iStock)

Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower

Central Park Tower

Extell just went public with Central Park Tower listings

Gary Barnett taps outsider as CEO of Extell

Gary Barnett taps outsider as CEO of Extell

Central Park Tower and Gary Barnett

Pricey listings including UES townhouse, Central Park Tower condos go live

Gary Barnett and an aerial view of 2551 Broadway (Credit: Google Maps)

Extell proposes UWS mixed-use tower after completing assemblage

Gary Barnett

Quantifying the rise and fall of NYC’s condo market

Extell CEO Gary Barnett and a portion of the assemblage at 562-572 Fifth Avenue, 2 West 47th, and 10 West 47th (Credit: Google Maps)

Extell nabs $440M in financing for Midtown assemblage

Extell CEO Gary Barnett (Credit: Adam Pogoff)

Gary Barnett gets candid about the condo boom of the 2010s and what’s to come

arrow_forward_ios
Loading...