The Real Deal New York

Macklowe growing retail on East 57th St.

Entity affiliated with developer files new building permits for building adjacent to 432 Park
By Claire Moses and Adam Pincus | April 27, 2015 03:20PM

Harry Macklowe’s Macklowe Properties holds a stake in the retail space directly adjacent to The 432 Park Avenue Site On East 57th Street, a permit application filed with the city on Monday reveals. The application shows that the 432 Park co-developer will have at least 126 feet — the longest single stretch — of lucrative retail frontage on the south side of East 57th Street, between Madison and Park avenues.

The building in question is 36 East 57th Street, which real estate investor Robert Zirinsky bought from Solil Management for $65.3 million in August 2014. But the permit application for the 25-foot-wide property filed today, along with a demolition permit filed in January — lists Mary Leprohon, Macklowe Properties’ controller and treasurer, as an authorized signatory for the owner. The site holds 37,000 buildable square feet, but the application only calls for a single-story, 2,451-square-foot building, and is likely subject to change.

Representatives for Macklowe and Zirinsky didn’t respond to requests for comment by press time.

Last summer, Macklowe — together with an unidentified foreign equity partner — bought 432 Park’s retail portion for $450 million, as TRD reported. Industry insiders said at the time that Macklowe was looking to expand 432 Park’s retail footprint and was eyeing 450 Park Avenue, which is adjacent to 432 Park and holds about 35,000 square feet of retail space. The Chera family’s Crown Acquisitions and Oxford Properties Group now own that building.