Macklowe Buys 50 West 57th Building for $22 Mil

NEW YORK CITY-Macklowe Properties has purchased the building at 50 West 57th St. here, a 16-story, 71,000-sf prewar office building, for $22 million, approximately $300 per sf. Mass Mutual, the seller, had foreclosed on the property a few years ago and decided to take a profit on the asset in this robust real estate market.

“The purchase is a strategic acquisition within the broader composition of our Plaza District portfolio,” says Billy Macklowe, executive vice president of the purchasing company. During the next two years, 55% of the building’s leases will roll over, providing the company with a significant opportunity for increasing revenue.