Soloviev Group is seeking yet another record New York commercial deal at its 9 West 57th Street office location. The conglomerate, owned by Stefan Soloviev, is marketing 11,115 square feet of space on the Midtown Manhattan property for $400 per square foot on the 50th floor, according to a report from The Real Deal.
It comes just a couple of months after Soloviev inked a family office to a 10-year $327.50 per square foot lease, which the company later revised up to $340 per square foot. Regardless, it still believes that the amount was the highest amount on record for a commercial property in NYC — with new ambitions now.
Stefan Soloviev told The Real Deal he has signed five recent deals at 9 West in the $200 per square foot range and another in the $300 per square foot range. The firms that have recently struck leases at the 50-story tower include Apollo Global Management, Infinedi Partners, PE shop Continuim LLC, Halle Capital Management and Redding Ridge Asset Management.
Manhattan, which is on pace for its best leasing year since 2000, according to a May report from Cushman & Wakefield, is overall averaging rents at $77.76 per square foot.
Interestingly, Stefan Soloviev admitted to The Real Deal that he has never secured full occupancy at 9 West, which was first developed in 1974. However, the building is nearing that milestone, with just two availabilities remaining, including the one marketed at $400 per square foot.
"My father assembled 17 parcels and bet everything he had to build this amazing building and though our business styles clashed — as did we — it's somewhat satisfying that through it all we collectively made 9 West 57th Street the best building in the world," he told The Real Deal.
The property recently underwent an overhaul, which included modernizing the building system technology and elevators, while improving the lobby. Plus, the 1.7 million square foot building now features a 20,000 square foot amenity floor that includes a coffee bar, meeting space, dining and a hospitality area.
Plus, in May, Soloviev landed a $1.8 billion deal to refinance the tower, securing an interest rate of 4.97 percent.
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