The Real Deal New York

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

February 27, 2012 08:30AM

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 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]