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by Howard Morrel & Leslie Hirsch

Howard Morrel & Leslie Hirsch.
Howard Morrel & Leslie Hirsch

57th Street Report

Soloviev Group Plans New Development on Manhattan’s Billionaires’ Row

The Soloviev Group, best known as the owner of the iconic office tower at 9 West 57th Street, is making waves again with plans for a major new development across the street. Billionaires’ Row, already home to some of the world’s most exclusive real estate, could soon see another transformative addition to its skyline.

In a deal finalized earlier this month, Soloviev purchased 24 West 57th Street for $67.2 million. With this acquisition, paired with neighboring properties already in its portfolio, the company is now positioned to create a large-scale project in one of Manhattan’s most coveted areas.

“Suddenly, the area south of Central Park between Fifth and Sixth Avenues has become a hotbed for investment,” said Michael Hershman, CEO of Soloviev Group. “We’re exploring a number of exciting options for the site.”

Options on the Table

While final decisions are still months away, Hershman outlined two potential directions for the new development. One possibility is an office tower designed to attract major corporations seeking premium headquarters space—a response to the sustained demand for top-tier office real estate in Midtown Manhattan.

The more likely plan, however, is a mixed-use building that includes luxury condos, a boutique hotel, and retail spaces. This concept draws inspiration from nearby success stories, such as the Crown Building, which has seamlessly blended high-end residences with a luxury hotel experience.

“There’s still significant appetite for high-end residential properties and branded, five-star hotels,” Hershman said, emphasizing the enduring allure of Billionaires’ Row for ultra-wealthy buyers and investors.

A Family Legacy Continues

Billionaires’ Row is synonymous with exclusivity and luxury, and 9 West 57th Street has been a hallmark of that reputation since its development by Sheldon Solow. Now, under the leadership of his son Stefan Soloviev, the real estate empire is continuing to grow and evolve with this latest venture.

The decision on what to build at 24 West 57th Street is expected by the fourth quarter, but the project is already generating buzz in the real estate community. With developers like Extell Development also snapping up properties nearby, the corridor is rapidly transforming into a hub of luxury living and commerce.

The Future of Billionaires’ Row

With its newest project, the Soloviev Group is poised to make another lasting mark on Manhattan’s skyline. Whether it’s a state-of-the-art office tower or a mixed-use luxury development, the plans reflect the ongoing demand for premier real estate in Midtown Manhattan.

 

All the best,
Howard Morrel & Leslie Hirsch
Christie’s International Real Estate Group
(212) 956-4823 | mha@christiesrealestategroup.com

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