Sheldon Solow targeting $551M in sales at 685 First Avenue

After going into contract for the land nearly two decades ago, Solow Properties can now launch sales for condominiums at its 685 First Avenue skyscraper, records with the New York State Attorney General’s office show.

The AG’s real estate finance bureau accepted the developer’s offering plan for 148 for-sale apartments at the tower. The total projected sales price for the units is $551 million, or $3.7 million on average.

The 42-story building, which topped out last fall, is the tallest designed by architect Richard Meier in New York City. In addition to 148 condos, 685 First Avenue will hold 408 rental units. Ground floor retail is also planned.

The 89-year-old Sheldon Solow is joined by his son, Stefan Soloviev, as the official sponsors of the condo plan.

A spokesperson for Solow did not immediately return a request for comment. The company has not yet announced an official sales starting date.

In 2010, Solow sold a separate development site along First Avenue to JDS Development Group for $172 million. JDS and Largo have since developed the American Copper Buildings there.

Currently, Solow is at work trying to boot retail tenants on West 57th Street, where he plans a hotel and condo tower across the street from his company headquarters at the Solow Building.