Macklowe Properties could expand retail at 432 Park

Moved to demolish adjacent building allows developer to expand footprint

TRD New York /
Jan.January 30, 2015 04:15 PM

With a move to demolish a five-story building adjacent to 432 Park Avenue, Macklowe Properties appears to be eyeing an expansion of the skyscraper’s retail footprint.

Demolition permits were filed today for the narrow commercial building at 36 East 57th Street that abuts 432 Park’s retail component facing 57th Street. The 25-foot wide building changed hands for $65.3 million in August, when Robert Zirinsky bought the 9,148-square-foot building from Solil Management, the company that controls the assets of late real estate mogul Sol Goldman. The building has 37,000 buildable square feet.

The demolition permit was filed by New York Medical Investors LLC, which shares an address with Zirinsky, and by Macklowe Properties. The permit included an email address for David Dods, the senior project executive for 432 Park, and a phone number for Mary Leprohon, Macklowe Properties’ controller and treasurer.

In July, Macklowe and an unidentified foreign equity partner snagged the retail portion of 432 Park for $450 million, as The Real Deal reported. Previously, the developer had approached owners on 57th Street in an attempt to create a larger retail presence on the red-hot retail corridor.

Zirinsky did not immediately return a call seeking comment. Macklowe Properties declined to comment.

A clause in the deed for 36 East 57th Street states that the buyer cannot sell the building or transfer interest before July 30, 2016, unless “considered payment is made” to the seller.


Related Articles

arrow_forward_ios
Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)

These were the top 10 NYC retail leases in July

These were the top 10 NYC retail leases in July
Ricky's at 830 Broadway (Credit: NYC Go)

Ricky’s, iconic NYC beauty shop, faces
more closures

Ricky’s, iconic NYC beauty shop, faces
more closures
From top, clockwise: Cushman & Wakefield's Joanne Podell, Showfields' Amir Zwickel, Appear Here's Josh Yentob, Brookfield Properties's Mark Kostic (Credit: Getty, LinkedIn)

When it comes to retail, “real estate in New York is fundamentally broken”

When it comes to retail, “real estate in New York is fundamentally broken”
CEO Mark Tritton and 410 East 61st Street (Getty, Google Maps)

Bed Bath & Beyond will permanently close UES store

Bed Bath & Beyond will permanently close UES store
From left: 180 West 81st Street in Upper West Side, 15-30 130th Street in College Point; 5002 13th Avenue in Borough Park (Google Maps)

Manhattan sees first September i-sale with UWS mixed-use building

Manhattan sees first September i-sale with UWS mixed-use building
From left: Sen. Brian Kavanagh, Councilman Brad Lander, Assemblywoman Yuh-Line Niou and Councilman Keith Powers (Kavanagh by by Albin Lohr-Jones/Pacific Press/LightRocket via Getty Images; Lander by Erik McGregor/LightRocket via Getty Images; Niou via nioufornewyork; Powers via Manhattan Community Board 5)

Landlords who go easy on small biz tenants might get a tax break

Landlords who go easy on small biz tenants might get a tax break
From left: Donald Trump (pictured in the 1980s), Steve Ross, Charles Kushner, Harry Macklowe with (inset) Hiten Samtani and Charles Bagli (Getty, Sasha Maslov)

Scoundrels of the skyline: Charles Bagli on the most colorful characters in the real estate biz

Scoundrels of the skyline: Charles Bagli on the most colorful characters in the real estate biz
Coogan’s Irish pub in Washington Heights, John Jovino Gun Shop in Little Italy, and Gem Spa in East Village (Getty)

Nearly 3,000 small businesses in NYC closed due to Covid

Nearly 3,000 small businesses in NYC closed due to Covid
arrow_forward_ios

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

Loading...