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Deals & Dealmakers

Silverstein closes on $100M Mercedes deal

Larry SIlverstein has closed on his $100 million purchase of 530 West 41st Street on the West Side, three years after the deal went to contract.

CBRE represented Mercedes Benz Manhattan in the sale of its former dealership site to developer Silverstein, who reportedly plans to build an ultra-tall residential tower on the site. The tower’s new address will be 514 11th Avenue.

MICHAEL LAGINESTRA
MICHAEL LAGINESTRA

The CBRE team of Michael R. Laginestra, Michael Geoghegan and Joan Meixner represented Mercedes Benz Manhattan.

“This highly complicated and exciting sale and development deal was a long time in the making due to numerous approvals required for it to close,” said Laginestra. “However, perseverance on both sides ultimately led to an outstanding outcome.”

The sale was in contract since 2011 and during that period Mercedes relocated 11th Avenue.

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