NEW YORK | 41 West 57th Street | 1,100 FT | 63 FLOORS

[ChiND]

This transaction is very hard to comprehend. The building on 58th appears to be a condo.

I’m more convinced that Vornado is working with LeFrak on this site.

[NYguy]

Originally Posted by ChiND

This transaction is very hard to comprehend. The building on 58th appears to be a condo.

They only acquired a portion of the site, on the 57th Street side.

The top commercial deal recorded in New York was for seven commercial condominiums at 58 West 58th Street

It's a through block property

[ChiND]

So the entire site that Vornado/LeFrak owned, includes the shlocky retail building on 57th and the condo on 58th, but Vornado/LeFrak sold only the retail condo on 57th? If that's the case, then Sedesco didn't but the entire site through 58th Street.

Speaking of Vornado/LeFrak wasn't it about fifteen years ago that they razed the Rizzoli site and other adjacent, gorgeous old buildings, and yet, they're still empty. I can't wait for Steve Roth to step down. Every project he does from Alexanders forward is the same: raze, sit fallow for over ten years, and the build. It's like he's been reading Neitsche (i.e., the Eternal Recurrence).

[ChiND]

At a minimum, this is going to be a major improvement. Although we lost some nice old buildings, getting rid of that vile, low-rise retail site and obscuring the view of those quotidian brown condos on 58th will be nice.

I hope that Sedesco dumps the OMA design and hires Stern.

For that matter, if Vornado/LeFrak do their own thing on the old Rizzoli site, I'd like to see a Stern there too.

NY Guy: How tall of a building do you think that Vornado could build at 31 W 57th? 500' or less"

[NYguy]

Originally Posted by ChiND

So the entire site that Vornado/LeFrak owned, includes the shlocky retail building on 57th and the condo on 58th, but Vornado/LeFrak sold only the retail condo on 57th? If that's the case, then Sedesco didn't but the entire site through 58th Street.

No one said they bought the entire building/property.

The top commercial deal recorded in New York was for seven commercial condominiums at 58 West 58th Street

Sedesco pays $18.5M to Vornado, LeFrak for office, retail in Midtown West condo tower

[NYguy]

https://traded.co/deals/new-york/retail/sale/49-west-57th-street/

The retail property located at 49 West 57th Street, Midtown, Manhattan has been sold for $18,500,000. The asset covers a total square footage of 24,175, resulting in a price per square foot of $765.

Summary of transaction details:

-Property Type: Retail
-Transaction Amount: $18,500,000
-Address: 49 West 57th Street
-Market: Midtown, Manhattan
-Square Footage: 24,175
-Price per Square Foot: $765
-Buyer: Demie Sabanci & Derek Gilchrist
-Seller: Steven Roth - Vornado Realty & Richard Lefrak - Lefrak Org
-Broker: Josh Augenbaum - Augenbaum Realty

https://www.cityfeet.com/cont/listing/49-w-57th-st-new-york-ny-10019/cs22799450

[ChiND]

NY Guy:

Do you think that the adjacent building on the corner of 6th has an easment or something which forced No. 49 to be set back from the streetwall?

[NYguy]

Originally Posted by ChiND

NY Guy:

Do you think that the adjacent building on the corner of 6th has an easment or something which forced No. 49 to be set back from the streetwall?

Possible, but doubtful. Apparently, it was built in 1930. Previous version of 41 W. 57 positioned only the restaurant with the streetwall, the building itself set back a bit from 57th, and more so on 58th. We'll see what the new plans entail.












How it stacked up with the rest of "billionaire's row"...

[ChiND]

Thanks. It will be nice to restore the street wall.

Assuming that Sedesco does not combine its site with Vornado's how much taller than 1,100' do you think that this tower can be with the subsequently-acquired parcels?

[NYguy]

Originally Posted by ChiND

Thanks. It will be nice to restore the street wall.

Assuming that Sedesco does not combine its site with Vornado's how much taller than 1,100' do you think that this tower can be with the subsequently-acquired parcels?

It all depends on the design.

[NYguy]

https://www.bizjournals.com/newyork/news...ado-lefrak-west-57th-street-sedesco.html

LeFrak and Vornado affiliate sells Tower 58 stake


By Kevin Smith
July 3, 2025

An affiliate of real estate developers LeFrak Organization and Vornado Realty Trust has sold its stake at Tower 58 in Midtown Manhattan.

The affiliate, 49 West 57th Street Owner LLC, sold seven commercial units at 58 W. 58th St. to an affiliate of real estate investor Sedesco Inc. for $18.5 million, according to New York City property records made available Tuesday.

Three office units and four retail units were included in the sale. One commercial unit, the garage of the building, was not.

Sedesco's purchase at Tower 58 comes after the investor has already made its presence known on the street. The developer owns a lot at 50 W. 58th St., along with adjacent properties from 39 to 45 W. 57th St., which were formerly home to a mix of commercial buildings. The office and commercial properties on those sites were razed to make way for a 119-unit residential development featuring a 158-room hotel and 10,000-square-foot restaurant.

Sedesco also acquired the 70,000-square-foot Vogar Building at 37 W. 57th St. in 2023, records show. The demolition of that property began earlier this year as part of the new development on the block. Including the developer's most recent purchase, Sedesco affiliates have spent more than $320 million to buy properties on the Midtown Manhattan block.

Vornado is still invested in the block as well. The realty trust has retained its ownership of 29 W. 57th St., which was razed in the mid 2010s, according to New York Times reporting at the time. No new building has risen in its place. As a result, the site at 27 to 33 W. 57th St. is now a 10,000-square-foot lot with no structures.

[NYguy]

_




JULY 3, 2025

[ChiND]

I am elated about the demolition of that heinous little retail building.

[NYguy]

This small building will be added to the assemblage east or west…


https://therealdeal.com/new-york/2025/08...y-case-against-deli-on-billionaires-row/

Soloviev wins forged lease case over Billionaires’ Row kosher deli


By Lilah Burke
August 5, 2025

Landlord Soloviev Group won a case against a kosher deli that has been leasing the ground floor of its Billionaires’ Row building. The case has dragged on for a decade, and an appeal is now on the table after a judge this week sided with the landlord’s claim that signatures at issue in the case had been forged.

“You can’t have a tenant just give you a fake lease,” said Alexander Estis with Rosenberg & Estis, representing the plaintiff. “And that’s why our client fought it for so long.”

The deli, Great American Health Bar, signed a 20-year lease with the building’s former owner in 2000. In 2006, the landlord, then called Solow Management, bought the property at 35 West 57th Street through an LLC for $24.4 million. At one point the landlord claimed the tenant defaulted on the lease, which the deli fought in court.

Lawyers for Soloviev said they were not privy to any development or demotion plans for the property.

[ChiND]

I infer from the article that Soloviev merely prevailed at trial. If that's the case, then post-trial briefing and appeals therefrom will consume another 18 to 24 months. Thus, in the words of the Beatles, Soloviev is still on a "long and winding road."

P.S.: NY, and Brooklyn, in particular, is the epicenter of real estate fraud. Many of these cases (at least where both parties allegedly are signatories to a "contract") originate in the Beth Din of Crown Heights and then proceed to state court.

[NYguy]

Originally Posted by ChiND

I infer from the article that Soloviev merely prevailed at trial. If that's the case, then post-trial briefing and appeals therefrom will consume another 18 to 24 months. Thus, in the words of the Beatles, Soloviev is still on a "long and winding road."

It wouldn't prevent the site from changing hands even if it did. But is Solo waiting out Vornado, or Vornado waiting out Solo? I'm sure Solo would love to get the full development site next to it's signature office tower (9 W 57). But Vornado is known to sit and wait things out for a long time. It would be great if all of those sites were combined, but that's not likely to happen. Meanwhile, 41 W 57 is ready to move forward with or without it.




https://www.metro-manhattan.com/buildings/the-solow-building-9-west-57th-street/

[ChiND]

It's very possible that, notwithstanding his trial victory, Soloviev and the Kosher deli will settle to eliminate further delays (and costs) from post-trial briefs and appeals.

It seems that the Sedesco site is in most in danger of having its views blocked by 36 CPS.

[NYguy]

Originally Posted by ChiND

It seems that the Sedesco site is in most in danger of having its views blocked by 36 CPS.

That is correct.

[ChiND]

If the Qataris buy 30 CPS, they will have a huge footprint and will be in the driver's seat. I wonder if Sedesco and the Qataris will cooperate like Extell and Vornado did on CPS. I assume that the Qataris also want views to the south just as much as Sedesco wants views to the north.

[Doubleu1117]

I can't for the life of me keep track of these sites in my head/ looking at a map. Need to sit down and plot these out for myself. So many huge sites crammed into this one block