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New York

Solly Assa sells Midtown apartment building following Airbnb settlement

Developer has sold 19 West 55th Street to Aview Equities for $50M

Salim “Solly” Assa has closed on a sale that will help make his $1.2 million settlement with the city over running an illegal hotel in his Midtown apartments a little easier to afford.

Assa has sold 19 West 55th Street for $50 million to Abraham Leifer’s Aview Equities. The building between Fifth and Sixth avenues comes fully leased with 23 apartments and 7,600 square feet of retail space, according to the Commercial Observer.

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The building used to be known as “The Branson” along with the attached property at 15 West 55th Street, which Assa is keeping. He acquired both properties in 2013 for $60 million and reportedly spent $18 million on renovations.

Assa had just settled with the city for his role in apartments at his Midtown buildings being turned into illegal hotel units, although his representatives told CO that the sale had nothing to do with the settlement. Under the settlement, he was required to hire property managers to oversee 15-19 West 55th Street, as well as 334 and 336 West 46th Street, but the new owners will not have to do this. [CO] – Eddie Small