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Soloviev Venture Acquires West 57th Development Site
Soloviev Group has been identified as the company behind a limited liability company that purchased 24 W. 57th St. for $67.2 million earlier this month, Bloomberg News reported. The owner-developer has assembled neighboring plots of land since the 1980s, meaning the company can expand its ambitions for that area.
The area south of Central Park between Fifth and Sixth avenues “has all of a sudden become a pretty hot environment for investment,” Michael Hershman, CEO of Soloviev, told Bloomberg. “It’s become the focus of a number of developers and companies about doing something on this block. We’ve been entertaining a number of options for across the street.”
One option would be to demolish the current building and create a new large tower to be used as a company’s headquarters, given strong demand for top-tier office space in that area, said Hershman. Another possibility, which the Soloviev CEO said was more likely, is constructing a building with luxury condos, a boutique hotel and retail.
- ◦Sale/Acquisition
