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
 Robert Morse, executive chairman of Bridge Investment Group, one of the major Opportunity Zone investors focusing on real estate.  (Bridge, Stanford)

Opportunity Zone investments got a boost in 2020

Opportunity Zone investments got a boost in 2020
333 Johnson Avenue with Royalton Capital’s Jin Lee, Sciame Construction's Frank Sciame and Normandy Real Estate Partners' Finn Wentworth (Royalton Capital, Sciame, Normandy)

Normandy sued by former partners for hiding Netflix deal

Normandy sued by former partners for hiding Netflix deal
Union Square Park to gain 2 acres in $100M plan (Getty_

Union Square Park to gain 2 acres in $100M plan

Union Square Park to gain 2 acres in $100M plan
Fabric co-founder, CEO Elram Goren (Getty, Elram Goren via LinkedIn)

Startup wants to bring “micro-warehouses” to vacant retail

Startup wants to bring “micro-warehouses” to vacant retail
Security around Trump Tower to be reduced after 45th POTUS leaves office. (Getty, The Trump Organization)

Fifth Avenue will look different after Trump leaves office

Fifth Avenue will look different after Trump leaves office
(Getty, iStock)

Booster shot: NYC real estate sees salvation in vaccine

Booster shot: NYC real estate sees salvation in vaccine
Before the pandemic, national tenants paid 94 percent of rent. (Getty)

Retail rent collections rebound to 90%

Retail rent collections rebound to 90%
Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
arrow_forward_ios

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

Loading...