Macklowe growing retail on East 57th St.

Entity affiliated with developer files new building permits for building adjacent to 432 Park

New York /
Apr.April 27, 2015 03:20 PM

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.


Related Articles

arrow_forward_ios
From left: Fawaz Al Hokair; Tal and Oren Alexander; and 432 Park Avenue (International Institute for Iranian Studies, Getty Images, Trulia, iStock)
Saudi retail magnate relists 432 Park Avenue penthouse
Saudi retail magnate relists 432 Park Avenue penthouse
Harry and Linda Macklowe (Getty Images, Andy Warhol Foundation for the Visual Arts, Inc./Artists Rights Society (ARS), NY, Sotheby's, iStock)
Macklowe art collection fetches nearly $1B at auction
Macklowe art collection fetches nearly $1B at auction
From left: Yossi Benchetrit and Gaëlle Pereira Benchetrit in front of 432 Park Avenue (Altice USA, Facebook/Gaëlle Pereira Benchetrit, 432 Park Avenue, iStock)
432 Park Avenue condo in $70M contract for in-house buyers
432 Park Avenue condo in $70M contract for in-house buyers
Harry Macklowe with proposed project by Macklowe Properties (Getty, Arquitectonica)
Harry Macklowe makes his first move in Miami
Harry Macklowe makes his first move in Miami
432 Park Avenue and Harry Macklowe
Condo in contract at 432 Park Avenue for $70M
Condo in contract at 432 Park Avenue for $70M
From left: Silverback Development managing principal Josh Schuster and Arch Companies managing partner Jeffrey Simpson (Google Maps, Arch Companies, Silverback Development, iStock)
Luxury lost: defect complaints rise in new residences
Luxury lost: defect complaints rise in new residences
Harry Macklowe and 1 Wall Street (Getty, Gryffindor derivative work: Justass, Public domain, via Wikimedia Commons)
Macklowe seeks $1.1B refi of One Wall Street
Macklowe seeks $1.1B refi of One Wall Street
Macklowe Properties’ Harry Macklowe with One Wall Street (One Wall Street)
See Harry Macklowe’s handwritten plan for One Wall Street
See Harry Macklowe’s handwritten plan for One Wall Street
arrow_forward_ios

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

Loading...