According to a recent report from Bloomberg News, the Soloviev Group has been identified as the company responsible for purchasing 24 W. 57th St. for $67.2 million earlier this month. The company, which has been acquiring neighboring plots of land since the 1980s, now has even greater potential to expand its presence in that area.
CEO Michael Hershman stated that the stretch of land south of Central Park between Fifth and Sixth avenues is currently experiencing a surge in investment activity. He also mentioned that there are several developers and companies interested in developing on this block and Soloviev is considering various options across the street.
One possibility being considered by Soloviev is demolishing the existing building and constructing a new high-rise tower to serve as their headquarters due to strong demand for top-tier office space in this prime location. However, Hershman noted that it’s more likely they will build a mixed-use development featuring luxury condos, boutique hotel accommodations, and retail spaces.
The news article titled “Soloviev Venture Acquires West 57th Development Site” was published on Connect CRE website.
