Sedesco Buys Billionaire’s Row Site at 37 West 57th Street

Sedesco is adding to its Billionaires’ Row assemblage as it seeks to build a supertall.

The New York-based developer paid $77.5 million for a 13-story Class B office property at 37 West 57th Street, adding 87,855 square feet to its existing property at 41-47 West 57th.

Sedesco is building a 63-story skyscraper — a mix of hotel, retail and residential — designed by Rem Koolhaas of OMA.

Sedesco’s 57th Street zoning was approved in 2021 through the New York City’s Zoning for Accessibility program. As part of ZFA, Sedesco is building two ADA-accessible elevators at the southwest corner of West 56th Street and Sixth Avenue in exchange for the zoning. The elevators will provide access to the F line’s 57th Street station.

The subway improvements, which Sedesco general counsel Derek Gilchrist said are already underway, are expected to be completed in 2024.

Sedesco, led by Demir Sabanci, has spent years acquiring pieces for its Billionaires’ Row assemblage. In 2012, the developer paid $71.5 million for 50 West 58th Street. In 2018, it paid $80 million for 41 West 57th Street.

When complete, the skyscraper is to rise 1,100 feet with 119 residential units, 158 hotel rooms, 237,110 square feet of residential space and 205,976 square feet of commercial space.

The latest purchase adds 58 feet of frontage on West 57th Street to Sedesco’s assemblage. The sale closed Monday and has yet to hit public records.

A Hodges Ward Elliott team led by Anthony Ledesma and Paul Gillen represented the seller. Josh Augenbaum of Augenbaum Realty represented the buyer.