The transformation of Manhattan's 57th Street from the former Millionaire's Row into today's Billionaire's Row continues to advance. As part of a property transaction, Soloviev Group recently submitted documents for the transfer of ownership of the historic property at 35 West 57th Street. According to publicly accessible land registry records, the purchase price for the Schieffelin-Bowne House, built in 1891, stands at 42 million dollars.
In place of the five-storey structure, Soloviev Group and developer Sedesco plan to construct a mixed-use tower. Sedesco will hold a co-ownership stake in the scheme, which is to be delivered in the immediate vicinity of the office high-rise at 9 West 57th Street. In that existing asset, Soloviev secured an undisclosed office occupier in April who agreed to a record rent of 327.50 dollars per square foot.
Planned new scheme featuring hotel and condominiums
The designs for the site on West 57th Street envisage a prominent 63-storey tower. According to the platform New York YIMBY, the future building will comprise a combination of residential accommodation, dining and hospitality:
- —119 luxury condominiums on the upper floors
- —A hotel comprising 158 guest rooms
- —A restaurant area of around 10,212 square feet
The forthcoming demolition marks the end of the eventful history of the Schieffelin-Bowne House. William H. Vanderbilt once gifted the Beaux-Arts property to his granddaughter Maria Louise Vanderbilt Shepard on the occasion of her marriage to William Jay Schieffelin. Additional wedding gifts were contributed at the time by US President Benjamin Harrison. The couple lived in the house from 1891 until 1899, before it was sold to the prominent pharmaceutical entrepreneur and philanthropist Samuel W. Bowne. Bowne passed away in the property in 1910, whilst his wife Nettie resided there until 1930.
Loss of heritage protection and demolition permit
Over the course of the 20th century, affluent New York families increasingly relocated further north. As a consequence, the lower two floors of the building were converted into retail premises. These interventions permanently altered the original historic fabric, leading the New York City Landmarks Preservation Commission to ultimately decide against listing the property. A similar scenario unfolded in the past with the demolition of the Hotel Pennsylvania, which had to make way for Vornado Realty Trust's plans for the Penn 15 scheme.
Local heritage preservation groups had sought for several years to save the historic building during the site assembly process for the new project. The recent conveyance now seals the fate of the existing building: the New York City Department of Buildings has already issued the demolition permit for 35 West 57th Street.
