A narrow midtown Manhattan commercial town house has been sold to a firm owned by developer Richard Zirinsky by Solil Management and its partner in the property, Stanley Chera’s Madison Equities, for $65 million. Solil handles the assets of the assets of late real estate mogul Sol Goldman. The transaction was first reported in The Real Deal.
The buyer’s official name is New York Medical Investors, LLC.
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Located at 36 East 57th Street by near corner of Madison Ave, two blocks south of Central Park, the 55 foot high townhouse has five floors and was built in 1930. It is currently used for retail spaces and has a total of 5, 120 square feet of space with a minimum subdivision of 350 square feet available in the basement that is offered for storage. Its largest available spaces have a total of 1, 851 square feet located on the first and 4th floors.
The ground floor was once home to Christian Lacroix French couturier’s first New York boutique. Mont Blanc, Piaget and Oxford Clothes have also all had stores there. The entire building has most recently been offered for $2.5 million annual rent.
The building comes with 37, 000 buildable square feet, so the new owners can be sure to redevelop the property. The location is considered quite valuable as it is right near Macklowe’s new tower on Park Ave.
The sellers wisely added a clause that gives them a piece of any profits made by the buyer if the building is flipped within the first two years after the deal closes. According to the New York Post, the deed clearly states, “However, no subsequent sale of the premises, or transfer of an interest in the Grantee, may occur before July 30, 2016, without payment of additional consideration to Grantor herein in accordance with Section 53 of the contract of sale between 36 E. 57th Street LLC and New York Medical Investors, LLC dated July 14, 2014.”
