JDS, PMG and Atlantic Investors buy 57th Street Steinway building for $46M

New York /
Mar.March 26, 2013 06:00 PM

UPDATED, 11:32 a.m., Mar. 27: Steinway Musical Instruments, the manufacturer behind the classic pianos, has sold its 109 West 57th Street office building to JDS Development, Property Markets Group and Atlantic Investors LLC for $46 million, according to Law360 and a JDS press release. Steinway runs its flagship retail space from the building, between Sixth and Seventh avenues, and under the terms of the sale can operate there rent-free for 14 months after the deal officially closes.

The sale of the building, which has 247,000 leasable square feet, is slated to close in the second quarter.  At that time, Steinway will look for new showroom digs in Manhattan, chairman and CEO Michael Sweeney told Law360 in a statement. He said the search should take a year.

“This transaction further strengthens our healthy balance sheet and clears the way for Steinway to focus all of its attention on maximizing the value of the company’s core musical instruments business,” Sweeney said in the statement.

Steinway can also have a four-month extension of its stay in exchange for a fixed rent paid to the owners.

Earlier this month, JDS shelled out $170 million for a full-block site on First Avenue that will be developed into luxury apartments. In January, the firm also paid $200 million to Sheldon Solow for a residential-zoned parcel of land that overlooks the East River. Property Markets Group also looks to erect an 18-story tower on a West Village car wash site. [Law360]Zachary Kussin


Related Articles

arrow_forward_ios
JDS Development's Michael Stern and 613 Baltic Street (JDS, VOA Architecture)
Michael Stern-owned condo project files for Chapter 11 bankruptcy
Michael Stern-owned condo project files for Chapter 11 bankruptcy
A Columbus Circle apartment once owned by Tom Brady and Gisele Bundchen  went into contract last week, helping the Manhattan luxury home market finish February on a high note. 551 West 21st Street on the right. (Photos via Compass, Getty, Foster and Partners)
Manhattan luxury market has best month in six years
Manhattan luxury market has best month in six years
Michael Stern’s Walker Tower condo among 38 luxury contracts inked last week. (Compass)
Manhattan’s luxury market sees best week since 2016
Manhattan’s luxury market sees best week since 2016
JDS Development's Michael Stern and 111 West 57th Street (JDS)
JDS sues 111 West 57th contractor, insurer over shoddy work and “blunderbuss requests”
JDS sues 111 West 57th contractor, insurer over shoddy work and “blunderbuss requests”
Michael Stern and a rendering of the project (Getty, JDS Development/SHoP Archictects)
Michael Stern pays $24M for future site of 62-story Brickell tower
Michael Stern pays $24M for future site of 62-story Brickell tower
111 West 57th Street and 20 East 78th Street (JDS, Google Maps)
Manhattan luxury contracts hit 12-week pandemic high
Manhattan luxury contracts hit 12-week pandemic high
111 West 57th Street and Michael Stern of JDS Development
111 West 57th sees two $30M+ sales in midst of shutdown
111 West 57th sees two $30M+ sales in midst of shutdown
WATCH: JDS’ Stern and SHoP’s Pasquarelli on shaping the skyline
WATCH: JDS’ Stern and SHoP’s Pasquarelli on shaping the skyline
WATCH: JDS’ Stern and SHoP’s Pasquarelli on shaping the skyline
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...