NEW YORK | 135 W. 50th Street | FT | FLOORS

„ A nearly 1 million-square-foot Midtown office building is up for sale, and anyone with a free Ten-X account can bid on it.

The Swiss bank UBS and its brokers at JLL have listed the 920,000-square-foot building at 135 West 50th Street for sale on the platform. UBS owns the property through a long-term leasehold, and Safehold owns the ground underneath the building. The starting bid is $7.5 million and it’s unclear what the reserve price is.

The 1960s-era Class A building is 35 percent occupied and recently underwent a $76 million renovation, according to the listing. UBS sold the property a block west of Rockefeller Center to Safehold in 2019 for $285 million, then signed a $221 million lease that expires in 2123. A source said the ground lease probably negatively impacted the property value.“

4 Likes

„ Institutionally owned and maintained with over $76 million in recent investment inclusive of elevator upgrades, a new lobby, and others.

Opportunity to create substantive value through leasing as the asset is 35% occupied with 9.5 years of remaining average term.

Flexible zoning allows for as-of-right conversion optionality to mixed-use, office, residential, hospitality, or community facility uses.“

https://www.ten-x.com/listing/135-w-50th-st-new-york-ny-10020/32097295/

Would it be conceivable that the Michelangelo Hotel (Taft Hotel) on 7th Ave. could also be acquired in order to possibly combine it?

I have another suggestion: to acquire this building and the Time and Life Building in order to erect a mixed tower here. Okay, demolishing the Time and Life Building would be almost impossible as it was refurbished a few years ago.

3 Likes