NEW YORK CITY—Skyline Developers, the New York affiliate of Short Hills, NJ-based Garden Homes Development, has acquired an 8,000-square-foot development site adjacent to the University Club and Peninsula Hotel in the Plaza District here.
Skyline purchased the site for $83 million from a partnership of Barings Real Estate Advisers and Lincoln Property Co., according to Holliday Fenoglio Fowler, L.P., which marketed the property at 12-18 W. 55th St. for the seller and procured the buyer. HFF also worked on behalf of the new owner to secure acquisition financing, which reportedly totaled approximately $46 million.
The development site can accommodate up to 150,000 square feet of mixed-use commercial space, according to published reports. The property is located less than 200 feet west of the Fifth Avenue retail corridor and is near the Museum of Modern Art, the Broadway Theater District, Lincoln Center and Central Park.
The HFF team that worked on the deal included senior managing director Andrew Scandalios, managing director David Giancola and senior director Geoff Goldstein.
“12-18 West 55th is a prime location development site,” says Linda C. Houston, SVP of Barings Real Estate Advisers. “Skyline Developers was the logical buyer given its adjacent property, the combination of which will allow them to achieve optimum development potential and has allowed for current ownership to maximize value on the sale of the site.”
Skyline reportedly owns air rights on an adjacent property. The firm has developed such properties as 200 E. 79th St., and 170 East End Ave. The firm is currently developing the mixed-use, 24-story retail and residential building at 1050 Ave. of the Americas and its luxury rental portfolio includes 194 East Second Street, 37 Wall Street and Post Towers at 75 West St.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
