X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-After tenants such as Avon and J.P. Morgan vacated their spaces at 9 W. 57th St., both of which engaged in litigation over the lease terms upon leaving, 425,000 sf has stood vacant. Now, CEO Stephen B. Siegel is leading Insignia/ESG in its efforts to market the space on behalf of the building’s owner, Sheldon S. Solow. The asking price is reportedly $90 per sf.

J.P. Morgan had occupied approximately 200,000 sf up until about six months ago. Also available are about 90,000 sf. Some of the vacant property within the building has been so for more than a year without clear efforts to promote it to prospective tenants.

Recently a restaurant opened in the building’s concourse, which stood vavcant for more than a quarter of a century. Called Brasserie 8-1/2, Solow owns it and Restaurant Associates manages it for him. This remains the concourse’s only business.

While the expected asking price is $90 per sf for most of the vacant property, some suspect that tenants will likely spend more than $100 per sf for suites on the floors with legendary views. Banc of America Securities currently rents 668,000 sf and serves as the anchor tenant.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.