Home News Soloviev Denies Effort to Sell Solow Building, 9 West 57th Street

Soloviev Denies Effort to Sell Solow Building, 9 West 57th Street

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Soloviev Group Chairman Stefan Soloviev and the Solow Building at 9 West 57th Street (Getty, Soloviev Group, King of Hearts, CC BY-SA3.0 – via Wikimedia Commons)

Updated November 28, 2022 at 10:45am

The Soloviev Group has denied reports of a possible sale of its iconic Manhattan office building at 9 West 57th Street.

Hayden Soloviev, developer spokesperson and son of company chairman Stefan Soloviev, said: new york post “There are no plans to sell,” he said. last month, real report Soloviev had finalized a deal to sell a prestigious office tower.

It wasn’t immediately clear if the potential sale fell through or if it just didn’t materialize. The chairman’s son told the Post: … there was no deal.

Still, the company appears to be accepting offers for one of the city’s finest office properties.

As Hayden Soloviev wrote in his Steve Cuozzo column, “People are calling us all the time whether they want to sell different properties in both New York and the West.

in the meantime TRDs In October, the building’s prospective group could not be confirmed, two sources said. Trophy collecting investor Michael Schvo was part of it. But a source other than Soloviev said, “If there was a group trying to buy 9 West, Shvo wasn’t part of it.”

However, according to one source, TRDs In fact, Shvo has been negotiating the building for months — not with Stefan Soloviev, but with the executor of the estate left by his father, Sheldon Solow. passed away in November 2020.

One issue is whether low-interest CMBS loans can be transferred to new owners on the same terms. The change in terms could reduce the building’s value by hundreds of millions of dollars, sources said.

The Plaza District property deal was one of the biggest pandemic-era deals and arguably one of the biggest office deals in history. was $3.4 billion, or more than $2,000 per square foot.

in late 1974 Sheldon Thoreau Developed a building that became famous for its sloping façade designed by SOM. Thoreau reportedly helped differentiate his assets by handpicking companies that he felt would be a good fit for his prized possessions. KKR was once headquartered there. Current tenants include Sculptor Capital Management, Apollo Global Management and Chanel.

Sources say that after taking the cloak from him, Soloviev appears to have shown little interest in running his father’s real estate empire. of residential properties for sale.he has also been Purchasing farms and vineyards Located on the North Fork of Long Island.

But the chairman seems deeply committed to Manhattan real estate.Soloviev in recent times entered the state casino We plan to apply for a casino license at a site south of the United Nations Building in Midtown East.

This article has been updated with details of negotiations to purchase 9 West 57th Street.

— Holden Walter Warner

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