Photo: Tdorante10 (West 57th Street archive, 2018)
A $42 million property transfer at 35 West 57th Street has added a new transaction to a long-running Midtown redevelopment story, as Sedesco and Soloviev Group pursue a planned condominium-and-hotel tower on Billionaires’ Row.
The deed transfer for the Schieffelin-Bowne House appeared in property records made public Monday, November 2, Commercial Observer reported Tuesday. The property is a surviving nineteenth-century mansion between Fifth and Sixth avenues, not a completed luxury tower.
PincusCo separately reported that Sedesco paid Soloviev Group $42 million for the property. Commercial Observer said Sedesco would take part ownership in the residential and hospitality development planned to replace the mansion.
A parcel deal, not a finished development
The transaction concerns one property within a broader development effort. The reported $42 million price should not be read as the cost of building the proposed tower or as a valuation of the entire condominium-and-hotel project.
The larger scheme has been described as a 63-story building with 119 condominium units, a 158-room hotel and a 10,212-square-foot restaurant. Those figures come from previously reported plans for 41-47 West 57th Street, cited by Commercial Observer, rather than an announcement that the homes or hotel rooms have been delivered.
In its January 2025 project report, New York YIMBY identified OMA as the architect and Sedesco as the developer of the proposed 1,100-foot structure. It described the hotel on lower floors and residences above. That earlier account did not provide a construction timetable, and Tuesday’s sale report did not establish a completion date.
A mansion at the center of the site
The five-story Schieffelin-Bowne House dates to 1891. Its survival has made it a focus of local preservation efforts as the surrounding stretch of West 57th Street has shifted toward high-rise development.
Commercial Observer reported that preservation groups have sought to save the building for several years and that demolition plans for 35 West 57th Street have been approved by the New York City Department of Buildings. That is the outlet’s account of the approval; the property transfer itself does not establish when demolition will occur.
The outlet said Soloviev Group, Sedesco and the Landmarks Preservation Commission had not immediately responded to its requests for comment. JBizNews has not independently established a new construction schedule or additional transaction terms beyond those reported.
The accompanying archive photograph shows the mansion and neighboring buildings in March 2018, not current site conditions. It is by Tdorante10, cropped to landscape and used under CC BY-SA 4.0; the adapted photograph remains available under that license.
JBizNews Desk | New York
© JBizNews.com. All rights reserved. Unauthorized reproduction or redistribution is strictly prohibited.
