Imperium Capital's new acquisition
is close to Central Park and Time
Warner Center.

NEW YORK CITY-Imperium Capital and Bronstein Properties LLC of New York City have acquired 309 West 57th St. near Central Park for $42.5 million. A spokesman for Imperium tells the mixed-use property was acquired from the Fromberg family.

The 16-story building totals 75,000 square feet and contains 102 apartments and two ground floor retail spaces, including the 13,700-square-foot Providence NYC club and a nail salon. Samuel Schneider, manager partner of Imperium, says the partnership has no plans to increase rents at its newly acquired property that is adjacent to Columbus Circle and across the street from the Hearst Tower. Schneider adds that some of the apartments on the upper floors have views of Central Park.

The property is the first in Midtown for Imperium, which, along with Stellar Management, purchased what is now known as One SoHo Square, a 740,000-square-foot office complex in Hudson Square, for a reported $200 million in May. Imperium also owns 103 Prince St. in SoHo.

“This is a prime Manhattan location close to Time Warner Center and near a number of new luxury residential developments, attracting buyers from all over the world,” Schneider says. “It is also a prime location adjacent to a number of publishing, media and advertising corporate headquarters.”

In a release, Daniel Glaser, managing partner of Imperium Capital, adds, “The area will certainly continue to be a destination for major retail development with the location of New York City’s first Nordstrom department store, which will be one block away, and luxury retail certain to extend further west on 57th Street.”

Glaser notes that the Providence NYC retail space has a rich history, including serving for 40 years as the home of the Manhattan Baptist Church. The nightclub has a lease at the building for another seven years.

Schneider says that Imperium has a couple of other acquisitions in its pipeline in prime locations in New York City.