NEW YORK CITY-Skyline Developers LLC, a locally based affiliate of privately help Garden Homes Development, has purchased 1040, 1050 and 1052 Avenue of the Americas, adding an additional 50,000 sf of development rights. The purchase price for the three privately held buildings was $170 million.

The 24-story building, 256,000-sf, class A office building at 1040 Avenue of the Americas, currently houses offices, most notably Dennis Publications, publishers of Maxim, Stuff and Blender magazines. The ground floor is comprised of retail spaces including Valley National Bank and GNC.

All three buildings were held by a single family for 25 years. Public records list Rosenthal Real Estate as the owner of the 1040 building, although Skyline couldn’t release that information or confirm. Winoker Realty Co. manages the 1040 building. CB Richard Ellis brokered the deal on behalf of the seller.

“We were attracted to the buildings because of the low rents, the wonderful architectural elements and the location,” Orin Wilf, Skyline’s president tells GlobeSt.com.

Although the plans are not yet set for the future of these buildings, Wilf is considering developing the site as a residential project or boutique hotel. “As Skyline Developers continues to grow, this acquisition represents the next phase in our expansion into larger commercial properties,” Wilf says, adding that it helps the low rents benefits the company’s portfolio.

Skyline Developers is currently developing the luxury condominium 170 E. End Ave. as GlobeSt.com reported in May, and converting 37 Wall St. into a luxury residential rental, which will also house the new Tiffany & Co. store.

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