Hodges Ward Elliott arranges $77.5 million sale of 37 West 57th St.

Manhattan, NY Hodges Ward Elliott (HWE) has arranged the $77.5 million sale of 37 West 57^th St., a 13-story, 80,000 s/f office building in the Plaza District.

The property was purchased by Sedesco, who acquired the building in a fee simple interest transaction. An HWE group comprised of managing directors Anthony Ledesma and Paul Gillen, in addition to vice president Allie Boyan represented the seller, a private family. The buyer was represented by Josh Augenbaum of Augenbaum Realty.

The 37 West 57^th St. building offers a redevelopment opportunity at a location two blocks from Central Park along New York City’s Billionaires’ Row.

“We’re pleased to have arranged the sale of 37 West 57^th St., a generational New York asset that hasn’t been available for purchase for nearly three decades,” said Anthony Ledesma, Hodges Ward Elliott. “The opportunity to acquire a well-located, development site in a submarket with high barriers to entry was attractive to the buyer. Despite the challenging investment market, prime sites like 37 West 57^th St. continue to garner interest from discerning investors.”

37 West 57^th St. property is a boutique office building catering to small to midsize companies. As a potential development, the site can hold in excess of 85,000 s/f with no height restrictions, ideal for a boutique development with Central Park views. The property also is located within a qualified transit approval zone, offering additional developable floor area for qualified improvements.