NEW YORK | 135 W 50th St | FT | FLOORS

[ChiND]

There is no doubt that a hotel will rise on the site of this virtually-vacant 1 m sf building. I could also see a huge number of apartments here too. With almost 1 m sf, this could be a very tall tower.

https://therealdeal.com/new-york/202...fice-building/

In unusual move, UBS selling Midtown tower in online auction
920K sf office building listed on Ten-X with starting bid of just $7.5M

[Crawford]

It would be nice to get a mixed-use replacement tower. Hopefully a supertall.

I've been in this building before, and it doesn't seem terrible for office. It's very well-located and in pretty good shape. But highest/best use is prolly mixed-use tower.

[ChiND]

I agree. A hotel and apartments would do very well here.

[NYguy]

Originally Posted by ChiND

There is no doubt that a hotel will rise on the site of this virtually-vacant 1 m sf building. I could also see a huge number of apartments here too. With almost 1 m sf, this could be a very tall tower.

https://therealdeal.com/new-york/202...fice-building/

A nearly 1 million-square-foot Midtown office building is up for sale, and anyone with a free Ten-X account can bid on it.

The Swiss bank UBS and its brokers at JLL have listed the 920,000-square-foot building at 135 West 50th Street for sale on the platform. UBS owns the property through a long-term leasehold, and Safehold owns the ground underneath the building. The starting bid is $7.5 million and it’s unclear what the reserve price is.

The 1960s-era Class A building is 35 percent occupied and recently underwent a $76 million renovation, according to the listing. UBS sold the property a block west of Rockefeller Center to Safehold in 2019 for $285 million, then signed a $221 million lease that expires in 2123. A source said the ground lease probably negatively impacted the property value.

It should be combined with the neighboring property on 7th Avenue, giving it a more attractive footprint. It’s on the fringes of Times Square, but borders Rockefeller Center and 6th Ave, which is as hot as Park Avenue as far as office goes.

A mixed-use tower would be nice.

[ChiND]

I thought the same thing. The Michelangelo was once a nice building but is now run down, and its owners won’t invest the money to restore it. It’s basically a crappy, flea bag. Fortunately, since it’s a hotel, it can be razed at will. A 1,400’ tower would be nice here.

I wish I knew what the Qataris were doing with that vile Manhattan Times Square.

[NYguy]

Some context...

[ChiND]

I really hope that the UBS site and The Michelangelo both come down .

[NYguy]

http://www.ten-x.com/listing/135-w-5...0020/32097295/

Institutionally owned and maintained with over $76 million in recent investment inclusive of elevator upgrades, a new lobby, and others.

Opportunity to create substantive value through leasing as the asset is 35% occupied with 9.5 years of remaining average term.

Flexible zoning allows for as-of-right conversion optionality to mixed-use, office, residential, hospitality, or community facility uses.

Midtown remains the country’s preeminent corporate office destination, serving as the chosen headquarters location for prominent companies.

Ideally located to capture the unmet renter demand of high-income earners from Midtown’s saturated office market and affluent Upper West Side.

The location of 135 W 50th Street is a major selling point for the building. Midtown is Manhattan’s most desired office submarket. With over 13.5 million square feet of tenancy actively seeking space in Midtown, the market is booming.

Some of the city’s most desirable buildings are in Midtown, including One Vanderbilt, the Seagram Building, 9 West 57th Street, the GM Building, and JP Morgan’s new headquarters at 270 Park.

This locale is also positioned to attract residential tailwinds. The Upper West Side multi-housing supply remains constrained as evidenced by a 1.9% vacancy rate, a limited pipeline, and escalating monthly rents averaging $100 per square foot.

The area is also known for compelling demographics, top restaurants, high-end retail, proximity to the Theater District, and easy access to transportation, providing timeless residential demand drivers.