Sedesco, a prominent developer, is making a significant expansion to its collection on Billionaires’ Row with an ambitious plan to construct a breathtaking skyscraper.
The company recently acquired a 13-story Class B office building located at 37 West 57th Street in New York City, effectively adding 87,855 square feet to its existing property at 41-47 West 57th Street.
The upcoming skyscraper, designed by renowned architect Rem Koolhaas of OMA, will rise an impressive 63 stories. This remarkable structure will feature a captivating combination of luxurious hotel accommodations, trendy retail spaces, and exquisite residential units, establishing itself as a versatile and highly sought-after development.
Sedesco’s zoning proposal for the 57th Street location received approval in 2021 under New York City’s Zoning for Accessibility program. As part of this program, Sedesco is committed to constructing two ADA-accessible elevators at the southwest corner of West 56th Street and Sixth Avenue. These elevators will fulfill the accessibility requirements while granting Sedesco the zoning privileges.
The subway improvements, including the elevators, are already in progress and are expected to be completed by 2024, offering convenient access to the F line’s 57th Street station.
Led by Demir Sabanci, Sedesco has meticulously acquired various properties over the years to curate its coveted collection on Billionaires’ Row. In 2012, the developer acquired 50 West 58th Street for $71.5 million, followed by the purchase of 41 West 57th Street for $80 million in 2018.
Upon completion, the skyscraper is projected to reach an astonishing height of 1,100 feet, comprising 119 luxurious residential units, 158 elegant hotel rooms, and a total of 237,110 square feet of residential space and 205,976 square feet of commercial space.
With this recent acquisition, Sedesco has expanded its frontage on West 57th Street by an additional 58 feet, solidifying its prominent presence on this prestigious avenue. Although the sale was finalized on Monday, the transaction has yet to be officially recorded in public records.
The seller was skillfully represented by a distinguished team from Hodges Ward Elliott, led by Anthony Ledesma and Paul Gillen. Likewise, the buyer was adeptly represented by Josh Augenbaum of Augenbaum Realty.
