The two property giants JDS Development and Property Markets Group have finalised their acquisition of Steinway Hall, a midtown Manhattan icon that housed the concert halls and showrooms for the famed Steinway & Sons pianos.
Steinway Hall with its famous pianos
The takeover of the Steinway property on 111 West 57th Street was priced at $46.3 million, paid to Steinway Musical Instruments Inc. The building has 247,000 square feet, and stands 16 stories high, and will continue to be occupied by Steinway until September of next year.
This particular branch of Steinway Hall was established on the 11th of January, 1925, and was built to replace the former flagship Steinway Hall that was situated on 71 – 73 East 14th Street. The prime location of the historic building was a great attraction for developers. It is moments from green Central Park, the retail destination of Fifth Avenue, and near the famous Carnegie Hall. The development will see condominium apartments being installed, in addition to a considerable retail space. The project should be finished by 2016.
JDS Development and Property Markets Group also revealed their purchase of the land lease for the property, which will allow the developers to include the building in their project in the adjacent spaces of 105 – 107 West 57th Street. The project will create a new, high-end development designed for mixed usage. Previously, Steinway Hall’s land and building was separated due to a sale in 1958, but this new purchase will reunite the two.
JDS Development stated: “We’re thrilled to acquire such a wonderful building, one that will be a core component of our world-class development project. Michael Stern, the current managing partner of added: “We will respect and honour the rich historical significance of Steinway Hall.”
Hall in Steinway Hall
Property Markets Group, which was founded by Kevin Maloney, was previously partnered with both JDS Development and Starwood Capital Group for the project. The partnership with the latter has now ended.
A partner for Property Markets Group, Ned White, also made a statement on the acquisition, saying: “57th Street has become New York’s centre of luxury real estate development, with global investors and buyers attracted to its unparalleled location at the heart of Manhattan. We look forward to contributing to and enhancing that landscape.”
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