S
tefan Soloviev has made a significant move on Billionaires' Row, acquiring the site at 24 West 57th Street for over $67 million. The property was previously purchased by Gary Barnett's Extell Development in October through a defaulted loan. However, Soloviev's purchase now gives him control of a prime location next to his family's long-held assemblage at 6-20 West 57th Street.

    Soloviev has been building up this site since the 1980s at a cost of over $300 million. The property offers more than 140,000 buildable square feet and sits across from Soloviev's father, Sheldon Solow's, trophy office tower at 9 West 57th Street. According to Michael Hershman, CEO of Soloviev Group, the area south of Central Park between Fifth and Sixth avenues has become a hot spot for investment.

    "We've been entertaining a number of options for across the street," Hershman said. "One possibility is tearing down the current building and developing a larger commercial tower, while another option could be a luxury condo building with a boutique hotel and retail space." This move would capitalize on the success of projects like the Crown Building, which has shown there's still strong demand for high-end residential and branded hotels in the area.