Crain’s reports that another prime piece of property will soon be changing hands, putting 126,000 square feet of development rights in play. The Steinberg family last month made an agreement with commercial developers Thor Equities and General Growth Properties to sell neighborhood fixture Lee’s Art Shop’s four-story structure at 220 West 57th Street for $85 million, a deal that is expected to close this month. It is not yet clear what the developers plan to do with the landmarked building, but what is known is that the property comes with the right to build atop the historic structure—itself boasting 21,837 square feet on a sizable 8,400-square-foot lot.
As Crain’s points out, 220 West 57th is located right across the street from one of the most significant residential projects currently on the rise, Extell’s Central Park Tower at 217 West 57th Street. When complete, the skyscraper will be the city’s tallest condo building at 1,550 feet. In the area are also the New York’s priciest pads, countless luxury retailers and long-standing cultural institutions such as Carnegie Hall.
The paper speculates that Thor and General Growth, like other developers who have recently closed on nearby office buildings, are waiting to see if the Billionaires’ Row luxury condo boom will push prices even higher, before they move forward with any construction plans.
The Google Earth rendering above by CityRealty, shows the luxury supertall projects under construction/constructed around the south end of Central Park. From left to right:
(1) 432 Park Avenue at 57th Street, nearing completion, designed by Rafael Vinoly for Harry Macklowe;
(2) Witkoff/Macklowe redevelopment of Park Lane Hotel at 36 Central Park South;
(3) 53 West 53rd Street tower by Jean Nouvel for Hines;
(4) 111 West 57th Street by JDS and Property Management Group by SHoP Architects;
(5) Possible Calvary Baptist Church/Salisbury Hotel redevelopment at 123 West 57th, shown in gray, by Extell Development;
(6) One57 for Extell Development by Christian de Portzamparc, recently opened;
(7) Central Park Tower at 217 West 57th Street by Adrian Smith Gordon Gill for Extell Development; and
(8) 220 Central Park South for Vornado by Robert A. M. Stern
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