NEW YORK CITY-A Middle Eastern investment group that is renovating the historic Argonaut Building at 224 W. 57th St. is now in contract to buy the office porperty, the New York Post reported Wednesday. The Post estimated the purchase price at between $50 million and $100 million.
An affiliate of the Beirut-based M1 Group had taken a 99-year ground lease on the 164,800-square-foot property from the Heart Corp. in 2008. It has since been renovating the property, hiring what is now the Manhattan office of Colliers International to oversee renovations and lease the property.
A Colliers spokesman did not respond to GlobeSt.com’s inquiries by deadline. Click here for the complete article.
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