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

TRD 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
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
JDS Development Group's Michael Stern

5 things to know about supertall condo developer Michael Stern

5 things to know about supertall condo developer Michael Stern
Michael Stern sued by former investor in Miami mixed-use tower

Michael Stern sued by former investor in Miami mixed-use tower

Michael Stern sued by former investor in Miami mixed-use tower
Michael Stern is moving forward with massive Miami tower project

Michael Stern is moving forward with massive Miami tower project

Michael Stern is moving forward with massive Miami tower project
Clockwise from the bottom: Judge Arthur Engoron, JDS Development’s Michael Stern, L&M’s Ron Moelis, Josh Siegel of Starrett with a rendering of Two Bridges (Credit: Twitter and Curbed NY)

Judge deals another blow to Two Bridges towers

Judge deals another blow to Two Bridges towers
A rendering of Empire Station with Governor Andrew Cuomo and JDS Development's Michael Stern (Credit: Getty Images, JDS)

Recycled ideas? Penn Station plan similar to JDS 2016 proposal

Recycled ideas? Penn Station plan similar to JDS 2016 proposal
arrow_forward_ios

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

Loading...