The property would be known as “Saint Stevens New York” and rise midblock along East 51st and 52nd streets, between Fifth and Madison Avenues, in Midtown’s Plaza District, according to Macklowe Properties materials obtained by The Real Deal. Over the past two years, Macklowe had been targeting a five-parcel site with the combined addresses of 5-9 East 51st Street and 12-20 East 52nd Street. Together, the properties offer about 280,000 square feet as of right, but the documents show Macklowe intends to build a structure more than triple the size.
The materials provide a loose framework for the project: ceiling heights of at least 15 feet, a grand entrance at least 30 feet high, and a “world-renowned designer.” The site has no height restrictions, allowing for a supertall if a developer so desired.
As part of his quest to acquire the properties and additional air rights, Macklowe has been hunting for an equity partner to back him on the project, sources said.
Macklowe is believed to have quietly begun stitching the assemblage together through acquisitions.
The assemblage play may not be going entirely according to plan, however. Last year, he considered buying one of the properties next door, 11 East 51st Street, which is not identified in the documents as part of the assemblage. But Soho China, a part owner of the GM Building, acquired the landmarked building from Venezuela’s biggest bank, Mercantil Bank, for $30 million. Sources said Macklowe was among the bidders.