Despite headwinds in the New York City commercial real estate market, the prestigious office building at 9 West 57th Street is defying expectations and rapidly approaching full occupancy. This landmark tower, a jewel in the portfolio of the Solow Realty & Development Group, is witnessing a surge in leasing activity, signaling its continued allure for high-profile tenants.
In a bold prediction made earlier this year, Stefan Soloviev, heir to the real estate empire built by Sheldon Solow, asserted that 9 West 57th Street would soon reach full capacity. Skeptics questioned this ambitious forecast given the broader softness in the commercial leasing sector. However, recent leasing deals are proving Soloviev correct. Three significant leases, totaling nearly 65,000 square feet, were signed last week alone, pushing the building’s occupancy rate above the impressive 90 percent mark.
“Despite all the negativity about commercial leasing in New York City we are seeing a dramatic uptick in our activity at 9W,” Soloviev stated. He confidently added, “As I’ve said time and again we are heading to 100-percent occupancy and we will be there even sooner than I’ve said we would in the past.”
The recent leasing triumphs at 9 West 57th Street include notable names from the investment and luxury sectors. Mousse Partners, recognized as the investment arm behind the iconic fashion house Chanel, has secured the entire 43rd floor, encompassing 33,000 square feet. This move represents a substantial expansion for Mousse Partners, nearly doubling their previous footprint as they relocate from a smaller space on the 46th floor within the same building.
9 West 57th Street iconic sloped skyscraper in New York City
Adding to the leasing momentum, investment management firm Pointstate Capital has signed a lease for 20,000 square feet on the 37th floor. Further solidifying the building’s appeal to diverse industries, Panco Management, a property construction and management company, has committed to 11,700 square feet on the 33rd floor. These deals were facilitated by Howard Fiddle of CBRE, representing Soloviev Group.
9 West 57th Street’s enduring appeal is rooted in its prestigious history and prime location. The 50-story sloped skyscraper, completed in 1974, offers breathtaking views of Central Park and has long been associated with exclusivity. Sheldon Solow, known for his meticulous approach, reportedly hand-picked tenants, contributing to the building’s aura of prestige. However, under Solow’s management, the vacancy rate sometimes lingered near 50 percent, as he prioritized maintaining high rents over maximizing occupancy.
Stefan Soloviev acknowledged this contrasting approach, stating, “He did an amazing job putting different properties together. Running them, that’s where we clashed.” This suggests a shift in strategy under Soloviev’s leadership, prioritizing occupancy while maintaining the building’s high standards.
The success of 9 West 57th Street is particularly noteworthy given the broader challenges facing the New York office market. The rise of remote work policies, accelerated by the pandemic, has led to decreased office utilization rates across the city. Data from Kastle Systems indicated that office occupancy in New York City was only at 48 percent in late July, based on building access data. Against this backdrop, the leasing success at 9 West 57th Street underscores its unique position as a highly desirable location that continues to attract top-tier tenants, even in a fluctuating market.
