By Howard Morrel & Leslie Hirsch
The landmarked Argonaut Building is being positioned for a potential luxury residential conversion
Soros Fund Management has put the Argonaut Building at 224 West 57th Street on the market, with an asking price of approximately $100 million. The landmarked office building, located at the corner of Broadway and West 57th Street, spans roughly 140,000 square feet and dates back to 1909.
The property is being marketed by Newmark as a potential residential conversion opportunity. According to the offering materials reported by The Real Deal, a future owner could reposition the building into high-end residences in one of Manhattan’s most established luxury corridors.
Why 224 West 57th Street Stands Out
The Argonaut offers several characteristics that could make a conversion particularly interesting. Its current office leases are expected to expire shortly after a sale closes, potentially giving a new owner greater flexibility without the need to negotiate lengthy tenant buyouts.
The building also comes with additional air rights. While the existing structure measures approximately 140,000 square feet, the total buildable area could exceed 200,000 square feet, according to the marketing materials. At the reported $100 million target price, that equates to roughly $480 per buildable square foot.
For a landmarked building in the heart of West 57th Street, that combination of scale, location and development potential is relatively unusual.
Another Potential Residential Addition to Billionaires’ Row
If 224 West 57th Street ultimately becomes residential, it would join a broader wave of office-to-residential conversions along the corridor.
Just several blocks east, TF Cornerstone is planning to convert 135 East 57th Street into approximately 350 apartments. The project is another example of older commercial buildings being reconsidered as housing as Manhattan’s office market continues to evolve.
Both properties also share another feature: they emerged from distressed ownership situations. Soros Fund Management obtained the Argonaut through a foreclosure auction, while TF Cornerstone gained control of the ground lease at 135 East 57th Street after the previous lease was terminated following a default.
What It Could Mean for 57th Street
For 57th Street, the potential conversion highlights an ongoing shift in how parts of Midtown are being used.
The avenue is already defined by some of Manhattan’s most prominent residential towers, but the next phase of development may increasingly involve the adaptive reuse of older office properties rather than entirely new construction.
A residential conversion at 224 West 57th Street would add another type of housing to the Billionaires’ Row landscape: a historic landmark transformed for modern residential use.
For buyers and investors, it is also another signal that 57th Street continues to attract redevelopment interest even beyond its existing supertall towers and luxury condominiums.
Want to learn more? Let’s talk!
All the best,
Howard Morrel & Leslie Hirsch
Christie’s International Real Estate Group
(212) 956-4823
mha@christiesrealestategroup.com
