NEW YORK | 41-43 West 57th Street | FT | FLOORS (Sedesco Assemblage)

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Turkish developer Sedesco adds to Billionaires’ Row assemblage with $80M buy

Turkish developer Sedesco is putting together a Billionaires’ Row assemblage with the purchase of a development site for $80 million.

Sedesco closed last week on its purchase of the property at 41 West 57th Street from Florida-based seller Asuman Polat, property records filed with the city Tuesday show.

The purchase gives Midtown-based Sedesco about 100,000 square feet of buildable area on the block between Fifth and Sixth avenues. The company in 2012 paid $71.5 million to buy an adjacent property at 50 West 58th Street.

Neither Sedesco nor Polat could be immediately reached for comment.

The purchase now gives Sedesco full control of the property at 41 West 57th Street, which is a point of contention between Polat and billionaire real estate investor Kamran Hakim.

Polat triple net leased the property to Hakim in 1998 for a term of 40 years, expiring in 2028. In October of last year, Hakim transferred the lease to Sedesco for $27.9 million, property records show.

But in March, Polat filed a lawsuit in Manhattan State Supreme Court claiming Hakim defaulted on the lease in July 2016 by failing to pay more than $60,000 he owed to the landlord.

The case is still ongoing.

Renderings for an ornate, 102-story residential tower at the site appeared online in 2015, though they appear to be merely conceptual.

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TRD

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#2

Picture of 50 West 58th

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#3

Good news. Hopefully another supertall.

It would be great if Sedesco could acquire that ugly next-door apartment building.

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#5

It would be nice if something very tall and striking rises here, as opposed to a “So Low” black box.

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#7

So these are the properties for this tower?

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#8

No. 41 and 43 W 57th do not include the building with the green copper roof.

The parcels form a nearly perfect rectangle running from 57th to 58th.

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#9


So this? I’m assuming they aquired that whole building at 50 West 58

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#10

No. On 57th, the developer owns 41 and 43. 43 is the one on the map with the blue dot that says Crustiani.

This is what they look like at street level.

And the blue area depicts the site from the air…

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#11

they cant do much with only 100k sf, can they? especially with the pols fixated on ‘void areas’

https://www.crainsnewyork.com/real-estate/demolition-permits-filed-yet-another-billionaires-row-project

Sedesco, a subsidiary of an Istanbul-based firm, filed demolition permits for a pair of buildings along West 57th Street last week, according to city documents. Along with an adjacent building to the north, the company appears to be prepping the through-block site for a new project.

The Turkish developer has spent about $223 million buying out a ground lease and purchasing the three properties for the assemblage. Together the sites could generate a 100,000-square-foot project, according to a Real Deal report. The Department of Buildings said it is still reviewing the pair of demolition permits for 41 and 43 W. 57th St. It already granted permission to tear down the adjacent building, at 50 W. 58th St.

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#12

They have a lot more than 100k sf. Article talks about a simple site FAR calculation, which is essentially irrelevant.

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#13

Demo is complete on 50 west 58th

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#14

Care to elaborate? How much FAR do they really have? Is it enough to build a supertall?

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