Home News ‘Nine West’ owner debunks reported deal to sell NYC tower

‘Nine West’ owner debunks reported deal to sell NYC tower

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Owner of 9 West 57th Street insists he has no plans to sell iconic property, one of Manhattan’s tallest office towers, despite shocking reports claiming deal is in the works doing.

“There are no plans to sell the building,” Hayden Soloviev, a spokesman and son of Soloviev Group chairman Stefan Soloviev, told Realty-Check.

“The news must have been mixed up with home sales,” Hayden Soloviev speculated. (In fact, the Soloviev Group has sold some luxury rental apartments).

Real Deal article A wild guessing game began last month when Stefan reported that he was “in a final agreement” to sell 9 West. High-profile real estate investor Michael Shubo was part of the buying group, citing sources.

Sources outside the Soloviev family say, “If there was a group trying to buy 9 West, Shvo wasn’t part of it.”

But Hayden told us: He is constantly being asked by phone if he wants to sell various properties, both in New York and the West. Maybe someone is trying to make a name for themselves. ”

Such a deal, if realized, would be a major breakthrough in the struggling investment sale market. This tower was last he valued at $3.4 billion in 2016.

The skyscraper enjoys a mythical status in Manhattan’s commercial real estate and is so unique that it is usually referred to simply as the ‘Nine West’. Completed in 1972 by the late developer Sheldon Thoreau, Stephan’s father, the hotel has a massive presence on the block between 5th Avenue and his 6th Avenue, an unparalleled location in Central His Park. Famous for its views, first-class tenants.

It was also known for bitter legal battles between Thoreau and former tenants such as Morgan Guaranty Trust, Avon and Arista Records.

Photo of the Solow Building at 9 West 57th Street.
Skyscrapers are the mythical heights of commercial real estate in Manhattan.
Brian Zack/NY Post

Today’s more peaceful-era tenants include Apollo Global Management, D1 Capital Partners, Chanel, and most recently Loews Corp., which signed a deal for 65,000 square feet in October. Rents for the 1.4 million square foot tower range from $200 per square foot.

Hayden Soloviev also said plans to open the tower’s controversial duty-free art gallery to the public are on track. first reported in January.

“As I mentioned earlier, my father plans to open the gallery in late 2023 when the renovation of 9 West 57th Street is complete. The gallery is located at 9 West 57th Street,” Hayden said.

The gallery houses masterpieces by Matisse, Giacometti and Francis Bacon, but can only be seen from the street. Critics have long argued that because the Family Arts Foundation enjoys tax-exempt status, the gallery should be open to the public as IRS regulations require.

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