Developers pay $42m for W56th St. assemblage.

Josh Goldflam, an investment sales associate at Besen & Associates, has closed on an assemblage of four townhouses plus additional air rights located on West 56th Street between 5th & 6th Avenues in Midtown Manhattan for just under $42 million.

The four townhouses, 31, 33, 35, and 37 West 56th Street, and air rights at 39 West 56th Street, were purchased by a joint venture between a well-established foreign developer, Antonio Development LLC, and local developer, Stillman International Development LLC.

Together the developers plan to create a 90,000 s/f super-luxury condominium, with a French Limeston facade. "The building will blend in exceptionally well with the neighborhood, and appear as if it has always existed", notes Goldflam.

Just steps away from Trump Tower, 5th Avenue shopping, and the trendy Chambers Hotel, this hot area is comprised of century old townhouses, famous brownstones, and some of the most prominent office buildings in Manhattan.

57th Street and 5th Avenue has become the crossroads of high end retailers, well-known corporate headquarters, and of course a clear view to Central Park. 56th Street between Fifth and Madison Avenue is quite busy with many restaurants and stores.

Each townhouse is 20 feet wide by 100 feet deep, individually containing approximately 20,000 s/f of development rights. Additionally, approximately 10,000 s/f of air rights were purchased from the townhouse to the east of the four buildings.

Goldflam commented, "Development land is virtually non-existent in the immediate area, so the only choice developers have is to try and vacate existing adjoining buildings and to buy any adjacent air right that may be available, like the developers have done in this case."

31, 33, and 35 West 56th Street were owned and mostly self-occupied by Donald Taffner. Taffner and his wife, Eleanor B. Taffner, founded the American Friends of the Glasgow School of Art in 1955, and its headquarters have been located at 31 West 56th Street. All three buildings were able to be delivered vacant by the close of the sale.

Building number 37 was owned by Antonio Disaverio, and housed D'Abruzzio Italian restaurant as well as eight free market residences above.

The purchase price for 31-35 West 56th Street was $30 million, $500 psf, and 37 West 56th Street achieved $10.2 million, about $502 psf. The air rights above 39 West 56th Street sold for approximately $225 psf.

"This sale has reached a price that truly emphasizes the enormous value of prime Manhattan land. Additionally, this value underscores how rare it is to be able to acquire a vacant development site in this specific area," said Goldflam.

Representing the seller of 31, 33, and 35 West 56th Street was Amit Doshi and Iris Rossano of Besen & Associates, Inc. Josh Goldflam represented buyers on all parcels and the seller of the additional air rights located at 39 West 56th Street.