126 East 57th Street and Rotem Rosen of MRR Capital (Google Maps)
Billionaires’ Row is about to get even bigger.
Real estate mogul Roten Rosem’s MRR Capital has filed plans for a 28-story condo building in the famous corridor, according to Crain’s.
According to the plans, the building at 126 East 57th Street will consist of 145 condo units, all of which will be sold at market rate. The building will stand 346 feet tall and span approximately 205,000 square feet. Demolition at the site has begun, but there is no timeline estimate for construction. ODA is the architect of record.
A partnership led by Rosem and Israeli developer Zahi Hagag purchased a 13-parcel assemblage, including the development site and other properties stretching down Lexington Avenue toward East 56th Street, for $103.7 million in April 2019. The seller was Turkish development firm Kiska Development. At the time, it was clear that Rosem and his partners were planning on building a new residential tower.
On Billionaires’ Row, the condo building will face plenty of competition to lock in buyers, who have no shortage of options. Vornado’s 220 Central Park South and Extell Development’s One57 are both in the neighborhood. Macklowe Properties’ 432 Park Avenue is even closer, just a block away from the development site.
The development could be a welcome distraction for Rosem, who is in a protracted legal fight with Alex Sapir over the estate of Rosem’s former father-in-law, Tamir Sapir.
[Crain’s] — Holden Walter-Warner
