Hearst’s Argonaut Building sells for $85M

September 07, 2010 12:30PM

Argonaut Building at 224 West 57th Street

An investment group based in Beirut purchased the landmarked Argonaut Building at 224 West 57th Street for $85 million from Hearst Communications.

The sale of the 10-story building to M1 Group’s affiliate, Argonaut 224 LLC, went into contract June 23 and closed Aug. 26, city property records published today show. An e-mail to M1 Group was not immediately returned. The New York Post reported in July that the Beirut group was in contract to buy the property, located between Seventh and Eighth avenues.

An affiliate of the M1 Group signed a 99-year lease in November 2007 for the property that included the right of first offer to buy it, city records indicate.

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