Priciest NYC Trophy Tower Goes on Market
Solow Building, 50-story landmark on W. 57th St., has been appraised at $3.4B.
With its unique, sloping glass façade, the Solow Building at 9 West 57th Street is one of the most recognizable structures in Manhattan. The 1.6M SF trophy building is also one of the priciest, with the last appraisal estimated at $3.4B.
The heirs of the late Sheldon Solow are closing in on a deal to sell the building for what is expected to be a record-breaking price for an office tower in NYC, according to an exclusive report from The Real Deal.
A transaction at $3.4B would value the building at more than $2K per SF. The current record-holder is the GM Building, which was acquired by Boston Properties for $2.9B in 2008 from Harry Macklowe.
The Solow Building was the long-time headquarters for KKR until the global investment firm relocated to 30 Hudson Yards. Tenants at 9 West 57th include private equity players Apollo Global Management and Chanel.
The shoe brand Nine West—which named itself for the building—also is a tenant at 9 West 57th.
Solow’s heirs, who formed the Soloviev Group in June sold six residential buildings developed by Solow to Black Spruce Management and Orbach Affordable Housing Solutions for $1.8B.
The deal for the Upper East Side portfolio, which encompasses 1,700 units and includes 1 East River Place on East 72nd Street, was the biggest multifamily deal in NYC since the start of the pandemic.
The purchase price translates for the Upper East Side apartments into more than $1M per apartment. Units in the portfolio of asking rents ranging from $3,900 to $7,000 per month.
The Solow Building is the second trophy building on 57th Street to go on the market in recent weeks. Last month, the Aman Group put the renovated Crown Building on the block just a month after the developer opened a namesake luxury hotel in the building.
The Aman Hotel, located on “Billionaire’s Row” on 57th Street and Fifth Avenue, is the most expensive luxury lodging is the city. The asking price for the building would make it the most lucrative hotel deal since the start of the pandemic: $600M.
In addition to the 83-suite hotel, the Crown Building includes 22 residential condos that were created in a $1.3B conversion and renovation.
The landmark building, which opened in 1921, has had a string of high-profile owners prior to Aman, including former Philippines President Ferdinand Marcos and NY developer Bernard Spitzer, father of former NY Governor Eliot Spitzer.