[NYguy]

http://therealdeal.com/blog/2014/09/...sheldon-solow/

Extell sells site that triggered legal tangle with Sheldon Solow
Firm unloads hotly contested property on West 57th Street for $95M

September 10, 2014
By E.B. Solomont

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.

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.

This is not what will get built, but just some earlier info about the site...


http://www.b-bcapital.com/new-page/

Situated steps from the intersection of 57th Street and 5th Avenue, 16-18 West 57th Street is located in the world’s premier high-end retail location, often referred to as the “crossroads of luxury,”due to its four corner anchors: Tiffany & Co., Van Cleef & Arpels, Louis Vuitton and Bulgari.

The 57th Street corridor has long been a magnet for the world’s finest retail, office, and residential uses, and is considered one of New York City’s most prime locations