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Old October 10th, 2013, 10:08 PM   #1
desertpunk
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NEW YORK | 16-18 West 57th Street | 200m+ | 54 fl | Pro

How's this for kicking off a new luxury tower development?

Extell sues Sheldon Solow in latest blow over 57th Street site


Gary Barnett vs. Shelly Solow in the NYC development Thunderdome!

Quote:
The tables have turned on famously litigious landlord Sheldon Solow, who is now facing a lawsuit from another major Manhattan real estate player, Gary Barnett.

Extell Development, led by Barnett, has accused Solow of getting in the way of the start of construction on his latest project, a new tower at 16-18 West 57th Street, according to a petition filed yesterday in New York State Supreme Court.

Solow has allegedly refused to grant access to his three properties ringing Barnett’s site. Barnett claimed he needs access to 10 West 57th Street, 20 West 57th Street and 19 West 56th Street to conduct structural surveys and install protections before demolishing an existing five-story building on his site.

Solow could not be reached for comment.

Barnett is preparing the property for development – likely a hotel project — despite having put it on the market earlier this year with Darcy Stacom and Bill Shanahan of CBRE, according to previous reports.

Solow had initially expressed interest in purchasing the site, but those negotiations collapsed in July, prompting Barnett to decide to develop it himself, according to the petition.

Extell purchased the site for $80 million in 2011 from residential broker Ilan Bracha, founder of Keller Williams NYC, and development partner Haim Binstock. He reportedly outbid Solow for the site at the time in an effort to prevent the landlord from assembling such a large package on 57th Street at the same time that Barnett had been planning One57, his residential tower at 157 West 57th Street, which is now topped out.

With the addition of 16-18 West 57th Street, Solow would have had a 23,750-square-foot lot with a total 356,250 buildable square feet, according to previous reports.

Extell said in court papers it had submitted three written requests to Solow’s office, but the veteran developer has ignored requests for access since sale talks broke down and “refused to even speak to permit counsel.”
We'll see how much Extell can put together here. A skyscraper is not out of the question...
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Old October 10th, 2013, 11:12 PM   #2
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This property that Extell is going to develop sits between 2 of Solow's properties (10-14 West 57th Street and 20-22 West 57th).

I thought Solow would have been interested in buying it to assemble something pretty large at this site, actually as it turned out he did try but I guess not willing to pay what Gary is asking for...

So Gary says FU! I'm building and Solow is like I'll make things tough for you to start ya freak!

Finally...

Mr. Solow.. you have been served. lol.
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Old October 10th, 2013, 11:21 PM   #3
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Solow's too old to pursue any more developments. He's been sloughing off chunks of his portfolio, most notably 616 1st Ave. at the Con Ed site along the East River. But I guess he can never be too old to pursue a bitter rivalry, lol.
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Old September 11th, 2014, 12:02 AM   #4
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Extell sells site that triggered legal tangle with Sheldon Solow Firm unloads hotly contested property on West 57th Street for $95M http://therealdeal.com/blog/2014/09/....MjktBOeU.dpuf



Quote:
Extell Development’s Gary Barnett sold off the Midtown development site at the center of the firm’s lawsuit with landlord Sheldon Solow.

The five-story building at 16-18 West 57th Street traded for $95 million, according to public records. The property has 24,000 square feet and comes with 75,000 square feet of buildable air rights.

It wasn’t immediately clear who bought the building. Public records listed the buyer as a recently-formed LLC, New York 05212014.

Extell put the vacant building on the market last year, after buying the five-story property for $80 million in 2011 from Ilan Bracha, founder of Keller Williams NYC, and Bracha’s development partner Haim Binstock.

At the time, Extell outbid Solow for the property in what some said was an attempt to prevent Solow from assembling a large development site while he was developing One57, Extell’s luxury condo tower at 157 West 57th Street.

Solow owns 10-14 West 57th Street and 20-22 West 57th Street, as well as an office building at 9 West 57th Street.

In a lawsuit filed in October 2013, Extell accused Solow of impeding development at the building. Extell said it needed access to three of Solow’s nearby properties to conduct structural surveys prior to demolition.

In March, Judge Debra James sided with Extell and granted the developer a license to enter Solow’s properties at 10-14 West 57th Street, 20-22 West 57th Street and 19-21 West 56th Street.
Curious to see who the buyer is. Would be great if it's Solow so he can assemble a large development site. Sometime last year, it was also reported that Michael Shvo was interested with this as well.

I know that this is a stretch but the address for that llc is 630 Fifth Ave and there is corporation named alpinvest located in the building and it is owned by Carlyle Group so could they be the mystery buyer behind the llc?? dunno.
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Old September 11th, 2014, 12:30 AM   #5
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Apparently my suspicions was wrong as to whom the mystery buyer is.

Add another super luxurious Hotel and Condo tower to 57th Street, said to be designed by Rafael Vinoly.

EXCLUSIVE: Brazilian investors set to bring famed South American hotel brand, condos to crowded 57th St. corridor.

The Fasano family already operates a hotel and restaurant empire with outposts in São Paulo and Rio de Janeiro[/B]
http://www.nydailynews.com/life-styl...#ixzz3CwyVRTcR



Quote:
Midtown is about to get a little bit more Rio.

A group of Brazilian investors is planning to bring another luxury high-rise tower comprising a hotel and condos to the already crowded 57th St. billionaire's row.

The group, which includes construction company JHSF Participacoes S.A. and the first family of Brazilian cuisine, the Fasano family, wants to bring a Fasano-branded hotel to a vacant lot at 16 W. 57th St. with condos on top, a spokesperson for the investors told the Daily News exclusively.

The Fasano family already operates a hotel and restaurant empire spanning São Paulo, Rio de Janeiro and Punta del Este, Uruguay.

And they're not planning to cut corners when it comes to their New York tower. Sergio Millerman, the group's representative in the city, said the investors are in talks to have starchitect Rafael Vinoly design the building.

"Fasano is probably the most important restaurateur in Brazil," Millerman said. "This is going to be extremely, extremely elegant."

The investors bought the development site for $95 million last month from Extell Development, the company behind Midtown's most luxurious condo tower at 157 W. 57th St.

The dimensions of the new building have not yet been decided but the site allows for a more than 100,000-square-foot tower.
The project will be the group's second New York City venture. It’s also planning to bring a 14-story residential building to a site at 815 Fifth Ave.
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Old September 11th, 2014, 04:45 AM   #6
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Interesting! I'd be shocked if the Fasanos don't but the adjacent, empty America Cancer Society on 56th St.
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Old September 11th, 2014, 06:44 PM   #7
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delete, double post
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Old September 11th, 2014, 06:46 PM   #8
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Quote:
Originally Posted by LondoniumLex View Post
Interesting! I'd be shocked if the Fasanos don't but the adjacent, empty America Cancer Society on 56th St.
Yeah, that would seem to be the obvious move, as 100k sq. feet isn't an awful lot, especially when you're competing with supertalls all up and down the block. However, looking through the Fasano website, they've never gone tall before -- their tallest being their Sao Paulo hotel at ~25 stories:

artwine

So it's possible they're planning to keep things in scale with their previous developments and make this more of a boutique hotel as opposed to their much larger competitors. Whatever it is, it will be nice as hell. Scroll through the photos on their site, they have an impeccable eye for style and detail.
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Old September 11th, 2014, 07:29 PM   #9
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Below was a proposal for a 28 story tower planned prior to Extell's purchase of this lot with same development rights.

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Old September 11th, 2014, 08:54 PM   #10
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Last edited by LondoniumLex; January 4th, 2015 at 01:03 AM.
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Old January 2nd, 2015, 01:31 AM   #11
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I walked by on the 31st of Dec. I hope that the Fasano family gets the adjacent, empty ACS building on 56th St.
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Old January 2nd, 2015, 02:27 AM   #12
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I just ascertained from the above article that Solow owns the ACS. Presumably, he's not selling it since he won't want anything tall that detracts from the views of his trophy at 9 W 57th.
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Old January 15th, 2015, 02:15 AM   #13
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Still waiting for the Fasanos to raze this. Most of the contiguous buildings along this stretch are beautiful. This one is nothing special.

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Old January 15th, 2015, 04:50 AM   #14
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That's certainly an old building that doesn't need to stay. (Too bad this isn't always the case.)
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Old February 20th, 2015, 06:06 AM   #15
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Last night
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Old March 7th, 2015, 05:19 PM   #16
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Waiting for Godot
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Old July 5th, 2017, 08:55 PM   #17
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54 story, SOM-designed building planned. This will likely reach skyscraper status. As desertpunk would commonly say , "elevator going up!"
There is a holdout however, so work won't begin in the immediate future.

A Holdout Delays a Developer’s Latest High-Rise Dream

Quote:
After decades spent buying one small parcel after another across from his masterwork, the swooping office tower at 9 West 57th Street, the developer Sheldon Solow is finally ready to build.

Mr. Solow, a billionaire who turns 89 this month and is now in a hurry, hired Skidmore Owings & Merrill to design a sleek 54-story hotel and condominium tower to take its place on what has become known as Billionaires’ Row.
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