Imperium Capital and Bronstein Properties have acquired 309 West 57th Street, in Midtown Manhattan on the West Side. The property was acquired for $42.5 million.
309 West 57th Street is a 75,000 s/f building with 102 apartments located adjacent to Columbus Circle and across from the Hearst Tower, and includes the current 13,700 s/f Providence NYC club and event space, which has a lease for another seven years.
“This is a prime Manhattan location close to Time Warner Center and near a number of new luxury residential developments, attracting buyers from all over the world. It is also a prime location adjacent to a number of publishing, media and advertising corporate headquarters,” said Samuel Schneider, managing partner of Imperium Capital.
This is the first Midtown acquisition for Imperium Capital. Earlier this year the firm purchased One SoHo Square, a 740,000 s/f office complex in Hudson Square.
Imperium’s New York City portfolio also includes 103 Prince Street, which houses the SoHo Apple store, as well as other properties in the SoHo and Williamsburg neighborhoods.
“The area will certainly continue to be a destination for major retail development with the location of New York City’s first Nordstrom department store, which will be one block away, and luxury retail certain to extend further west on 57th Street,” said Daniel Glaser, managing partner of Imperium Capital.