He could build as much as 213,000 square feet of residential space after his recent purchase.
Developer Sheldon Solow could build a tower with 213,000 square feet of residential space on Billionaires Row after his most recent purchase of an office and retail building at 16 West 57th Street, The Real Deal reports.
Solow purchased this building from real estate group JHSF for $128 million. Solow's firm also owns two properties on the left side of this building at 10, and 20 West 57th Street, and one to the south of the building at 19 West 56th Street. The air rights from all those buildings would allow for the creation of a residential building with the above-mentioned size.
This site at 16 West 57th Street has been at the center of several lawsuits and controversies however. Solow had tried to acquire the building in 2011, but lost the bid to Extell Development. Extell subsequently filed a lawsuit against Solow in 2013 for not allowing construction workers to access the site at 16 West 57th Street through the adjoining lots. Rumors were abound at the time that Extell had bought the property simply to stop Solow from building a tall luxury tower similar to Extell's One57.
Extell eventually moved on from that property and sold it to JHSF for $95 million in 2014. The latter wanted to bring a hotel-condo project to the site, but that never got off the ground, and instead JHSF was involved in a lawsuit over commission fees due to a brokerage firm.
- Solow pays $128M for Billionaires’ Row site he once fought with Barnett over [TRD]
- 57th Street Is About To Get Yet Another Hotel-Condo Tower [Curbed]