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Lebanese Firm Sells 57th Street Office Building for More Than Double 2010 Purchase Price


Let’s hear it for Billionaire’s Row! The latest big trade on the rarified strip is the Argonaut Building at 224 West 57th St. The Labanese firm M1 sold the 10-story, 170k SF building to Eretz Group for a cool $214M, after picking it up for $85M in 2010 and putting $50M into improvements, The Real Deal reports. It’s got a rarity for a building of its vintage: an underground parking garage with 20 spots. Less rare, but still a value-add: two retail condos on the ground floor. [TRD]