The Real Deal New York

Skyline Developers scoops up vacant Midtown site for $83M

Land allows for up to 150K buildable sf
August 23, 2017 05:49PM

12-18 West 55th Street and Orin Wilf (Credit: Google Maps and Michael McWeeney)

Orin Wilf‘s Skyline Developers just purchased a vacant site next to the Peninsula Hotel for $83 million.

The company, the New York subsidiary of Garden Homes Development, purchased 12-18 West 55th Street from Cornerstone Properties, the New York Post reported. The property could host up to 150,000-square-feet of mixed-use construction.

Back in 2006, Lincoln Property Company planned to build a new condo hotel on the site after purchasing 22,300 square feet of air rights for $4.3 million. Cornerstone was Lincoln’s partner on the project at the time.

Skyline also owns adjacent properties at 20 West 55th Street and 13-15 West 54th Street, better known as the Rockefeller Townhouses, where the company’s office are located. The company is completing a 24-story luxury rental project at 1050 Sixth Avenue in the Garment District. Last year, the company landed $100 million to refinance its 23-story office building next-door to the rental building. [NYP] — Kathryn Brenzel