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Solow Expands 57th Street Holdings

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Real estate developer Sheldon Solow made news recently by agreeing to purchase an office building on West 57th Street for $120 million.  The building, located at 12 West 57th Street, is across from a tower at 9 West 57th Street Solow already owns. 

While the 11 story purchase will rent office space, an insider told Bloomberg, that Solow is likely buying the building to protect the value of his 50-story skyscraper at 9 West 57th, which is one of the most valuable in the city, with currently unobstructed views of Central Park. 

Solow is rumored to be paying $1,428 per square foot of the 84,000 square foot building.  The Solow Building, at 9 West 57th, houses private equity firms and hedge funds among other businesses, including Silver Lake Partners, Highland Capital Management, and Highbridge Capital Management, along with the corporate offices of Chanel. 

Solow was listed by Forbes in 2011 as being the 358th richest person in the United States, with a net worth of $1.9 billion.

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