Turkish developer Sedesco adds to Billionaires’ Row assemblage with $80M buy

New property gives site more than 100K sf of buildable rights

New York /
Sep.September 25, 2018 06:00 PM

Sedesco president Demir Sabanci and renderings of 41 West 57th Street

Turkish developer Sedesco is putting together a Billionaires’ Row assemblage with the purchase of a development site for $80 million.

Sedesco closed last week on its purchase of the property at 41 West 57th Street from Florida-based seller Asuman Polat, property records filed with the city Tuesday show.

The purchase gives Midtown-based Sedesco about 100,000 square feet of buildable area on the block between Fifth and Sixth avenues. The company in 2012 paid $71.5 million to buy an adjacent property at 50 West 58th Street.

Neither Sedesco nor Polat could be immediately reached for comment.

The purchase now gives Sedesco full control of the property at 41 West 57th Street, which is a point of contention between Polat and billionaire real estate investor Kamran Hakim.

Polat triple net leased the property to Hakim in 1998 for a term of 40 years, expiring in 2028. In October of last year, Hakim transferred the lease to Sedesco for $27.9 million, property records show.

But in March, Polat filed a lawsuit in Manhattan State Supreme Court claiming Hakim defaulted on the lease in July 2016 by failing to pay more than $60,000 he owed to the landlord.

The case is still ongoing.

Renderings for an ornate, 102-story residential tower at the site appeared online in 2015, though they appear to be merely conceptual.

 

Related Articles

arrow_forward_ios
L-R: Savanna's Chris Schlank, Eastdil Secured's Will Silverman, JLL's Bob Knakal (Photos by Paul Dilakian)
Office royalty talk conversions, distress and the “downsize upgrade” trend
Office royalty talk conversions, distress and the “downsize upgrade” trend
Columbia Property Trust's Nelson Mills and 799 Broadway (Columbia Property Trust, 799 Broadway, iStock)
Columbia Property Trust signs investment firm to 71K sf at 799 Broadway
Columbia Property Trust signs investment firm to 71K sf at 799 Broadway
East End Capital's Jonathon Yormak and 141 East Houston Street (141 East Houston Street, East End Capital)
Boutique LES office scores blockchain firm as anchor tenant
Boutique LES office scores blockchain firm as anchor tenant
Vice Media CEO Nancy Dubuc and 225 Broadway (Getty Images, Google Maps, iStock)
Refinery29 subleasing at 225 Broadway for move in with Vice
Refinery29 subleasing at 225 Broadway for move in with Vice
Naftali Group's Miki Naftali, BRP Companies' Meredith Marshall (Photos by Paul Dilakian)
Miki Naftali, Meredith Marshall talk development, death of 421a
Miki Naftali, Meredith Marshall talk development, death of 421a
R-L: Willow's Kevin Danehy, Era Ventures' Clelia Warburg Peters, Fifth Wall's Brad Greiwe and The Real Deal's Hiten Samtani (Photo by Paul Dilakian)
Real estate tech is coming for your business
Real estate tech is coming for your business
Gary Barnett
Gary Barnett has something to say
Gary Barnett has something to say
Industrious CEO Jamie Hodari and CBRE chief financial and investment officer Emma Giamartino (LinkedIn, CBRE)
CBRE doubles down on flex-office provider Industrious
CBRE doubles down on flex-office provider Industrious
arrow_forward_ios

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

Loading...