George Soros is looking to flip a Billionaires’ Row office building, dangling its potential for a residential conversion.
Soros Fund Administration put the 140,000-square-foot Argonaut constructing on the nook of Broadway and West 57th Road up on the market, The Actual Deal has discovered. The billionaire investor’s fund administration enterprise is eyeing a price ticket of about $100 million for the landmarked property.
Newmark is overseeing the gross sales course of. An providing memo by the brokerage pitches the property, in-built 1909, as “a uncommon alternative to reposition an irreplaceable, [New York City]-landmarked asset into best-in-class residences in one in every of Manhattan’s most fascinating and supply-constrained submarkets.”
If the Argonaut have been to be changed into high-end residences, it might add to the pipeline of workplace conversions on Billionaires’ Row. 4 blocks to the east, TF Cornerstone plans to transform the workplace constructing at 135 East 57th Street into 350 residences.
Each buildings have been acquired by misery conditions.
Soros Fund Administration won the Argonaut at a foreclosure auction earlier this month, and TF Cornerstone acquired a ground lease on 135 East 57th Street after a courtroom terminated Cohen Brothers Realty’s lease on the property following a default.
A consultant for Soros Fund Administration couldn’t be instantly reached for remark. A Newmark workforce led by Adam Spies and Adam Doneger is dealing with advertising.
Soros expects to promote the constructing as soon as it receives the deed within the subsequent few weeks, in response to the providing memo.
The constructing’s current workplace tenancy is ready to run out shortly after the closing, which might give a brand new proprietor a transparent path towards conversion with out having to fret about shopping for out current tenants, in response to the advertising supplies.
The roughly 140,000-square-foot workplace constructing has further air rights, which may increase the overall buildable house to greater than 200,000 sq. toes. The asking value works out to about $480 per buildable sq. foot.
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