Commercial real estate in Manhattan is struggling, but Alchemy-ABR Investment Partners and Cain International hold their ground.



146 watts 57th St. Petersburg

The Metropolitan Towers Condominium, a black glass tower block from Macklowe Properties with 240 units on 78 floors, opened in 1986, in some ways heralded the neighborhood’s transformation into a hub for wealthy condominium buyers. Amenities include a pool, maid service and an exclusive dining room on the 30th floor that serves a complimentary breakfast.… Buyers in the building can finance 90% of the cost, and the number of investors, judging by the number of rents available this month, ranges from $ 4,700 per month for a one-bedroom apartment. In terms of sale, the most expensive block was the $ 10 million duplex, four-bedroom penthouse, which has been on sale since 2019 when it hit the market for $ 11.5 million, even though it was offered with 32nd at the time.-storey studio, according to Once owned by entertainment giant Sony, the penthouse was reportedly sold for $ 7 million in 2014 to developer Waterbridge Capital, although the firm, led by Joel Schreiber, has not currently paid $ 41,300 in general expenses. In December, the condominium board seized the apartment. Waterbridge did not return a call seeking comment.

152 watts 57th St. Petersburg

Built in 1991 by the Elganayan family, this 60-story Carnegie Hall Tower office building that features a golf simulator is now owned by TF Cornerstone, one of the family’s subsidiaries. Current vacancies in the building: 28th and the 29th floors. No. 152 has become a kind of powerful address for real estate companies, whose tenants are ABC Management, Greystone Development and Naftali Group. More than a century ago, the Midtown enclave was Manhattan’s arts district. On this site stood the Rembrandt, a 6-story residential building from 1881, considered the city’s first residential cooperative. Once upon a time, the artist Childe Hassam lived here. But in the middle of the 20th century, the state of the building began to decline. century and the city eventually took over before being torn down in the 1960s and replaced with a parking lot for nearby Carnegie Hall.

125 watts 57th St. Petersburg

The Baptist Church on Calvary, whose front door in the Gothic style is crowned with the inscription “We preach Christ / crucified, risen and coming”, built this red brick building in 1931 and has occupied it since then, although not all of its 16 floors are for worship … At the top of the nave is the gated Salisbury Hotel, a modest hotel in an increasingly luxurious neighborhood that closed last year. By 2024, the development team, which includes Cain International, plans to replace the pre-war building with a 26-story office tower with 10,000 square feet of floors, as well as a new auditorium that will be owned by the church. According to the developer, the floors of the church will also house a gym, classrooms and a chapel. Although No. 125 is Cain’s first office complex in New York City, the company is an investor in Aman Hotel and Residences, a refurbished Crown Building on adjacent 730 Fifth Ave., scheduled to open later this year.

157 watts 57th St. Petersburg

Created by Extell Development and backed by the United Arab Emirates’ sovereign wealth fund, the transparent Hyatt rooftop condominium is one of the city’s most talked about towers of the past decade, for better or worse. Its breakthrough appearance in 2009, opening in 2013, marked the turn from the office district to the residential enclave of Billionaires Row. The early sale of a six-bedroom penthouse to computer mogul Michael Dell for more than $ 100 million set a New York City price record that has held for many years. But the 73-story building drew criticism for its height, as it casts large shadows over Central Park. Ten years after the start of sales, the 92-apartment tower still hasn’t sold all of its sponsored apartments. One four-bedroom resale in a building where property taxes will be reduced by 2023 is worth $ 44 million, up from $ 59 million in 2019. The building has excellent facilities. For example, the indoor pool has music playing underwater, and the library has a 24-foot aquarium. Guests can order food and drinks delivery to the hotel.

171 watts 57th St. Petersburg

This pre-war brick and limestone leased building, Briarcliffe, became a condominium after it was bought by developer Property Markets Group, which bought the 13-story, 33-unit property for $ 32.5 million in 1998. they were empty. In 2009, James Development, a company specializing in unsold cooperatives, reportedly bought 11 apartments in the building for $ 9 million. (The following year, Extell bought the air rights from Property Markets for its neighboring condominium, 157 W. 57th.) In May, James sold one of his apartments, No. 10C with fireplace – for $ 2.7 million, slightly less than the $ 2.9 million the company was looking for in the fall. Meanwhile, Property Markets continued to participate in the construction of Steinway Hall at 111 W. 57th. St. The 60 unit spire is now in sell mode.

120 watts 57th St. Petersburg

The empty lot, owned by the Jewish Council for Family and Children, a relief group, was sold in 2009 for $ 60 million to Ricland, which appears to still have a stake in the property, although a lot has changed. The 29-story building with windows and sashes, built by ARK Partners in 2013, was originally a 240-room outpost of the Viceroy hotel chain. But six years after opening, Viceroy closed and was replaced by the Le Meridien hotel. Along the way, the real estate investment fund New York Recovery bought the lease from ARK for $ 148.5 million, and in 2018 bought it for $ 41 million. According to news reports, large land rent payments were a problem. The buyer was the Arden Group, a Philadelphia-based hotel that includes other Le Meridiens, Ritz-Carltons and Hiltons.

150 watts 57th St. Petersburg

The Russian Tea Room restaurant, a tourist attraction that appears to have survived the pandemic, has been standing here since the 1920s. In 2004, its 6-story pre-war building, which extends to 56th West Street was bought for $ 19 million by RTR Funding, whose CEO Gerald Liebich owns properties in Manhattan and the Bronx. But the owners of a richly decorated restaurant serving afternoon tea are not always keen to sell. Macklowe Properties tried to take air rights away from the building in the 1980s for the 146 W. 57th condominium tower, but to no avail. IN The newspaper “New York Times… A similar request from developer Rockrose for his office building at 152 W. 57th was also denied. The owners of the restaurant then stated that they want to reserve the right to erect an 18-storey building.


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