Venezuela bank sells Midtown East landmark to Chinese firm for $30M

Sale follows approved rezoning of the district

TRD New York /
Aug.August 14, 2017 10:30 AM

The U.S.-arm of Venezuela’s biggest bank has sold a Midtown East landmark for $30 million.

Mercantil Bank sold 11 East 51st Street, also known as the John Pierce Residence, to Soho China, the New York Post reported. The buyer is China’s largest office developer and a partial owner of the General Motors Building.

The six-story building is across the street from St. Patrick’s Cathedral and adjacent to Venezuela’s consulate. The sale, according to the bank, isn’t related to Venezuela’s struggling economy.

“An opportunity presented itself where we could prudently and profitably dispose of this asset which has been in the works for about two years,” a spokesperson for the bank told the Post.

Ariel Property Advisors’ TRData LogoTINY Victor Sozio, Shimon Shkury, Howard Raber and Jesse Greshin represented the seller.

The sale also follows the approved rezoning of Midtown East. The building on East 51st Street was one of more than 10 landmarks identified by the city as potential sources of air rights for new developments in the district. As part of the rezoning, property owners can buy from an estimated 3.6 million square feet of landmarked air rights to increase building density. Part of the sales proceeds will be dedicated to infrastructure and other public improvements. The John Pierce Residence has an estimated 20,000 square feet of air rights. [NYP] — Kathryn Brenzel 


Related Articles

arrow_forward_ios
An aerial view of a pop-up drive-in theater built in the parking lot at the Broadway Commons in Hicksville, New York (Getty)

Covid pummeled shopping centers, but their parking lots are thriving

Covid pummeled shopping centers, but their parking lots are thriving
20 West 33rd Street (20West33rd)

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project
Bank OZK CEO George Gleason (Unsplash; Bank OZK)

Bank OZK’s lending up in third quarter

Bank OZK’s lending up in third quarter
Gap CEO Sonia Syngal (Getty)

Gap Inc. will close 350 stores and exit malls entirely

Gap Inc. will close 350 stores and exit malls entirely
Steve Cohen and Citi Field (Getty)

Citi Field lease clause could stymie billionaire’s quest for the Mets

Citi Field lease clause could stymie billionaire’s quest for the Mets
Consumers are using streaming services more than ever, and data center real estate is booming (iStock)

Real estate for data centers is having a moment

Real estate for data centers is having a moment
Paul Manafort and Manhattan district attorney Cyrus Vance, Jr. (Getty)

Manafort mortgage-fraud case dismissed, again

Manafort mortgage-fraud case dismissed, again
Howard Hughes’ Saul Scherl and a rendering of 250 Water Street (Getty, The Howard Hughes Corporation/SOM)

Howard Hughes to launch review process for $1.4B Seaport tower

Howard Hughes to launch review process for $1.4B Seaport tower
arrow_forward_ios

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

Loading...