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Old Posted Oct 16, 2012, 9:23 AM
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Chess game on W. 57th St.

By STEVE CUOZZO
October 16, 2012

Quote:
Two of Midtown’s greatest blocks, West 57th Street between Fifth and Seventh avenues, stand at the cusp of sweeping change. Between Fifth and Sixth avenues, Gary Barnett’s Extell, Sheldon Solow and Vornado are playing an intricate chess game of strategic acquisition with an eye on major new development.

One block west, Extell’s mighty One57 is rising. Three major new hotels are under construction, including the arresting Roman & Williams-designed Willow and the Park Hyatt inside One57 itself. In addition, a 55-story, “shard”-shaped luxury condo tower is planned at 107 W. 57th, now an empty pit.

It’s in the context of imminent dramatic renewal on all sides that the owners of 57 W. 57th St., at the northeast corner of Sixth and 57th, have been gradually upgrading and repositioning the once dowdy 170,000-square-foot prewar building. Next year, when Fourth Wall Restaurants opens its 200-seat steakhouse, Quality Italian, there, it will mark a watershed for the property owned by the family of Colliers International Tri-State President Michael T. Cohen. They’ve gradually repositioned the former Medical Arts Building — a small hospital that long hid in plain sight — for modern office and retail use.
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