Solow Snaps Up 12 W. 57th for $120M

NEW YORK CITY-Billionaire real estate tycoon Sheldon Solow has beat out Extell Development’s Gary Barnett in fierce bidding war for 12 W. 57^th St., according to the New York Post Sources told the Post that Solow Realty acquired the 11-story property for $120 million, working out to more than $1,400 square foot, near record levels for Manhattan office space.

Solow, who also owns Six and Nine West 57^th Street, has been competing with Extell for prime spots on the block. Both Barnett and Solow are aiming to create a more upscale, higher-rent strip just off Fifth Avenue.

Sources told the Post that 12 W. 57^th was offered for bidding exclusively to Solow and Barnett through the Jones Lang LaSalle team of Richard Baxter, Rob Cohen, Scott Latham and Jon Caplan. In an interview, Barnett told the Post that he plans to build a luxury hotel at 18 W. 57^th St. in addition to his $1.4 billion One57 mixed-use hotel/condominium project.

For the full story, check out the New York Post.