Sedesco, an affiliate of Turkish firm Sedes Holding, has acquired another parcel of its Billionaires’ Row assemblage.
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Shell company Bob 57 Development LLC paid $42M to the Soloviev Group for a mixed-use property at 35 W. 57th St., property records show.
Sedesco Chief Financial Officer Brian Murn signed for the buyer, while Soloviev CFO Steven Weymouth signed for the seller.
Soloviev had owned the building since 2006, when it paid $24.4M for the property, PincusCo reported.
Sedesco has been gradually scooping up a collection of properties on the strip just south of Central Park famous for its skinny supertalls.
The developer acquired 50 W. 58th St. for $71.5M in 2012 and then 41 W. 57th St. for $80M in 2018. In the post-pandemic years, it spent $77.5M on 37 W. 57th St. in 2023 and acquired 49 W. 57th St. for $18.5M in June 2025.
In 2021, between those two periods, Sedesco filed an application to facilitate the construction of a 443K SF mixed-use building with 119 apartment units and 158 hotel rooms, with an address of 41-47 W. 57th St.
The razed properties form a long-vacant stretch of West 57th Street where tenant reluctance to commit to space and high construction costs have stalled development, the New York Post reported last year.
TOP SALES
Terreno Realty Corp. acquired an industrial property at 43-22 55th Ave. in Maspeth from the United Parcel Service for $13.9M, property records show. The property spans 29K SF and also has 91K SF of air rights. UPS, which has owned the parcel since 1966, has been offloading some of its real estate assets over the past couple of years in an effort to shave billions of dollars off its costs.
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Brightshore Capital, formerly known as GTIS Partners, acquired a newly constructed 190-unit multifamily property at 29-24 40th Ave. in Long Island City for just over $143M, according to a release. The seller was a joint venture of SB Development, Hazelton Capital Group and Avenue Realty Capital. The two-tower residential building contains 133 market-rate and 57 affordable units, plus 5K SF of retail space. The buyer also scored a $98.5M acquisition loan from Affinius Capital. Newmark’s Eric Roth, Daniel O’Brien, Adam Spies and Adam Doneger arranged the sale, while the brokerage’s Jordan Roeschlaub, Christopher Kramer and Max Ralby arranged the financing.
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Kushner Cos. sold a trio of five-story apartment buildings in Murray Hill at a steep discount, Crain’s New York Business reported. The real estate arm of the Sabetfard family, the Sabet Group, acquired the three contiguous buildings at 234-238 33rd St. for $12M. Kushner Cos., meanwhile, paid $25.8M in April 2015. The properties contain 39 free-market apartments, 18 rent-stabilized units and one superintendent unit. Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor and Alex Fuchs brokered the deal.
TOP LEASES
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Financial services firm Webull inked a 10-year, 42K SF lease at 140 Broadway, occupying the building’s entire 41st floor and a portion of the 40th floor, Commercial Observer reported. The firm is relocating from 44 Wall St. as it expands its footprint by 81%. It will join a tenant roster that includes public relations firm Zeno Group and nonprofit the Wallace Foundation. Newmark’s Dan Appel and Hal Stein represented the landlord, 140 BW LLC. Colliers’ Robert Gallucci represented the tenant.
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Global law firm Vedder leased 49K SF at Rockefeller Group’s 1221 Sixth Ave., the New York Post reported. The tenant plans to relocate from 1633 Broadway, approximately four blocks away, in 2027 for the space across the entire 34th floor. The property is now 98% leased following the deal. Rockefeller Group’s Marisa Gadlin represented the landlord in-house with help from Cushman & Wakefield’s Robert Lowe, Paige Engeldrum, Dan Organ and Pierce Hance. Savills’ David Goldstein, Joseph Learner and Scott Weiss represented Vedder.
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Ukrainian New Generation Kids Daycare leased the entire four-story building, spanning 21K SF, at Yakov Ostrovsky’s 1940 Shore Parkway in Gravesend, Commercial Observer reported. The daycare center, which will be able to accommodate 300 children, is expected to open in the second quarter. Asking rents were $40 per SF. Ripco Real Estate’s Richard Zagranichny and Richard Senior brokered the deal.
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The Moinian Group signed two tenants to a total of 26K SF at 245 Fifth Ave., according to a release. Sona Technologies inked a 12K SF deal across the entire 19th floor with representation from Cornelia Street Partners’ Evan Kleinberg and Lenny Kohlmayer. Blacksmith Software leased 14K SF on the entire seventh floor. Newmark’s Scott Klau, Erik Harris and Ben Klau negotiated on behalf of The Moinian Group.
TOP FINANCING
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Affinius Capital lent $176M to Lonicera Partners to refinance a 293-unit, 261K SF apartment building at 47 Willoughby St. in Downtown Brooklyn, PincusCo reported. The loan replaced a $128M sum from Santander Bank. Lonicera bought the property in 2021 for $48M.
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Edward J. Minskoff Equities scored a $160.9M reconstruction renovation loan for the office building at 159-02 Rockaway Blvd. in Jamaica, PincusCo reported. The property spans 209K SF and is near the John F. Kennedy International Airport. The financing came from Apollo Global Management and replaces a $50M loan from Citibank.
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Quadrum Global increased its debt on four Arlo Hotel properties with a loan valued at $414.8M, PincusCo reported. The properties are the Arlo Midtown at 351 W. 38th St., the Arlo NoMad at 11 E. 31st St., the Arlo SoHo at 229 Hudson St., and the Arlo Williamsburg at 96 Wythe Ave. JPMorgan Chase provided the new financing. The prior loan was a $208.7M sum from Apollo Global Management, Quadrum Global and Affinius Capital.
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