Hodges Ward Elliott (“HWE”) announced it has arranged the $77.5 million sale of 37 West 57th Street, a 13-story, nearly 80,000-square-foot office building in Manhattan’s Plaza District.
The property was purchased by Sedesco, who acquired the building in a fee simple interest transaction. An HWE group comprised of Managing Directors Anthony Ledesma and Paul Gillen, in addition to Vice President Allie Boyan represented the seller, a private family. The buyer was represented by Josh Augenbaum of Augenbaum Realty.
The 37 West 57th Street building offers a rare redevelopment opportunity at a premier location two blocks from Central Park along New York City’s prestigious Billionaires’ Row. The property is one of the last remaining parcels with frontage greater than or equal to 50 feet on one of the most desirable streets in Manhattan.
“We’re pleased to have arranged the sale of 37 West 57th Street, a generational New York asset that hasn’t been available for purchase for nearly three decades,” said Anthony Ledesma, Hodges Ward Elliott. “The opportunity to acquire a well-located, development site in a submarket with high barriers to entry was attractive to the buyer. Despite the challenging investment market, prime sites like 37 West 57th Street continue to garner interest from discerning investors.”
37 West 57th Street property is currently a boutique office building catering to small to midsize companies. As a potential development, the site can hold in excess of 85,000 SF with no height restrictions, ideal for a boutique development with Central Park views. The property also sits within a qualified transit approval zone, offering additional developable floor area for qualified improvements.read full article