Manhattan hasn’t seen too many $200-per-square-foot commercial rental offerings since the recession brought rates crashing down.
But Sheldon Solow, the enigmatic and private owner of 9 West 57th Street, plans to lease some of his best office space in that prized trophy tower at those sky-high, pre-recession rents.
Deutsche Bank AG will be opening its first office in Downtown Brooklyn after it agreed to take 50,000 square feet at the JPMorgan Chase-owned 4 MetroTech Center, The Commercial Observer has learned.
on the waterfront
Billionaire landlord Sheldon Solow has locked up a $625 million loan from Deutsche Bank AG to help refinance a securities-backed debt tied to 9 West 57th Street that was slated to mature in February, sources confirmed.
The loan, which was first reported by Bloomberg.com last week, will be used as “ongoing capital” for 9 West 57th, a person familiar with the matter told The Commercial Observer.
Lease of the Week
Building booms come and developers go, but a good project has a way of sticking around. Times Square, Columbus Circle, Hudson River Park, Queens West, all have seen their ups and downs, all are in various states of repose.
It was almost five years ago that the Municipal Art Society began conceiving of ways to remake a stretch of the East River waterfront in front of the old Con Ed plant between 38th Street and 41st Street. At the time, the question was how to not only bring access to the water but also how to make it work with a massive residential development planned by Sheldon Solow–how to make sure this would be public space for all, and not just a Sutton Place-style backyard for luxury apartment towers.
Mr. Solow is gone, at least for now, but another benefactor has taken his place. Since the city and the United Nations reached a deal in October to hand over half of the Robert Moses playground in exchange for, among other things, $150 million for waterfront redevelopment, MAS has revived its plans for this piece of East River real estate.
For an emerging—albeit press-shy—wealth management firm like Forty North Capital LLC, snagging a prime block of office space on the 30th floor of a building that features stupefying views of Central Park and an intimidating list of titanic private equity tenants like Kohlberg Kravis Roberts & Co. and Silver Lake Partners is indeed a bold move.
In August, Forty North signed a 10-year lease to take 17,000 square feet at 9 West 57th Street, a gleaming, 50-story skyscraper owned by real estate titan Sheldon Solow with an address that a business of any shape or size would kill to have on its business card.
Sheldon Solow will have the last laugh after all. In a truly startling swamp, Natixis is ready to cut a deal at 9 West 57th Street, putting its space at 1251 Sixth Avenue back on the market.
Back in the fall, the sometime-troubled French money manager (a Madoff victim and Goldman adversary) wanted to renew at Read More
Same Old Story
One of the few upsides to a down real estate economy is the plethora of deals to be had by the savvy investor with money on hand. That is certainly one way to describe the Fisher family, who began developing real estate in the outer-boroughs in 1915 and progressively worked their way in to some Read More
Litigious billionaire landlord Sheldon Solow has returned to work, fired the man just hired to manage his real estate operations, and re-engaged in litigation with his one-time partner, the Fischer real estate family, according to a pretty awesome article just filed by Charles Bagli.
As is Mr. Solow’s wont, his reemergence at the Read More
Could Sheldon Solow be turning over a new leaf?
First, the reportedly ailing Mr. Solow, litigious owner of the exemplary 9 West 57th Street, has handed operational control of his company to his son, who, in turn, hired the Pyne Companies’ Jay Fischoff, according to the New York Post.
And now, Read More
At 10 on a Tuesday morning in late December, representatives of the Fisher Brothers met in the well-appointed offices of the law firm Paul Hastings at 75 East 55th Street to close on the sale of a $227 million ownership stake in an East River development company to the apple-cheeked, art-loving billionaire landlord Sheldon Solow. Read More