Solow Properties 1st Ave Skyscraper Begins Selling Condos

The 685 1st Ave Skycraper

Solow Properties can finally begin selling condominiums at the 685 First Avenue skyscraper, according to The Real Deal.

Richard Meier & Partners Architects’ monolithic skyscraper commenced building in 2016 after developer Sheldon Solow filed plans for the development in 2015. The work moved remarkably fast.

The building is comprised of a mix of rentals and condos that are separated by a terrace located just above the 27th floor; the lower portion of the building will contain 408 rentals, and the upper section will contain 148 condos, Curbed N.Y reported.

Sheldon Solow is a veteran Manhattan real estate developer, and the CEO of Solow Realty & Development and an affiliated company, Solow Management, the Real Deal reported. Forbes estimates his net worth at $3.6 billion. He began his real estate career in the early 1970’s 50-story office building at 9 West 57th Street. . He also owns a portfolio of East Side rental towers, and is known for being reclusive.

The 89-year-old Sheldon Solow is joined by his son, Stefan Soloviev, as the official sponsors of the condo plan.

The total projected sales price for the units is $551 million, or $3.7 million on average, The Real Deal reported.

In 2010, Solow sold a different development site along First Avenue to JDS Development Group for $172 million. JDS has since developed the American Copper Buildings there. The 761-unit dual-tower rental project — which was built by JDS Development Group.

One of the buildings opened for business last April and currently has active listings priced up to about $8,600. The other is set to open later this year.

Currently, Solow is at work attempting to remove retail tenants on West 57th Street, where he plans a hotel and condo tower across the street from his company headquarters at the Solow Building.

MacKenzie-Childs is a purveyor of hand-painted ceramics and colorful home goods, and is renting the store. Solow, who has spent years, assembling the site of a planned hotel and condo tower at 10 West 57th Street, informed MacKenzie-Childs in March 2017 that it planned to end its 10-year in September 2018, Real Deal reported.

When MacKenzie-Childs said it was owed an early termination fee of $769,931, Solow hit the store with a breach of contract claim, alleging the retailer never submitted documents showing it had final approvals for the store’s build out back in 2012.

Solow’s new project can begin when this is settled.

By Howard Wolfe

 

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