Insignia/ESG to Market 425,000 SF in Solow's W. 57th Street Building

NEW YORK CITY-After tenants such as Avon and J.P. Morgan vacated their spaces at 9 W. 57th St., both of which engaged in litigation over the lease terms upon leaving, 425,000 sf has stood vacant. Now, CEO Stephen B. Siegel is leading Insignia/ESG in its efforts to market the space on behalf of the building’s owner, Sheldon S. Solow. The asking price is reportedly $90 per sf.

J.P. Morgan had occupied approximately 200,000 sf up until about six months ago. Also available are about 90,000 sf. Some of the vacant property within the building has been so for more than a year without clear efforts to promote it to prospective tenants.

Recently a restaurant opened in the building’s concourse, which stood vavcant for more than a quarter of a century. Called Brasserie 8-1/2, Solow owns it and Restaurant Associates manages it for him. This remains the concourse’s only business.

While the expected asking price is $90 per sf for most of the vacant property, some suspect that tenants will likely spend more than $100 per sf for suites on the floors with legendary views. Banc of America Securities currently rents 668,000 sf and serves as the anchor tenant.