Corcoran has released a new rendering detailing a possible renovation for a nine-story residential building at 19 West 55th Street in Midtown East, Manhattan. Located between Fifth and Sixth Avenues, the property’s $58.5 million price tag includes complete plans to transform the façade and interior organization for a multitude of use types.
Details from Corcoran specify flexibility to redevelop the property for a private corporate or institutional headquarters, traditional office space, a consulate, or retain the building as a residential property with ground-floor retail.
In its current state, the building is clad in red brick with black-painted masonry on the bottom two levels. The rendered concept shows this replaced with a stately white limestone façade. The new design adds three stories atop the parapet, complete with multiple outdoor terraces, including one enclosed with a colonnade. The concept also shows a reworked fenestration with double-height windows spanning the first and second stories, as well as on the outer edges of the fourth and fifth stories. Though no architect of record is credited, the overall impression is reminiscent of the work of Robert A.M. Stern Architects.
Once known as The Branson, the existing property comprises 39,000 square feet and was previously configured as a rental building. The residential component included 29 units ranging from one- to three-bedroom floor plans.
Its former owner, Salim Assa of Assa Properties, was accused by city officials of operating an illegal hotel in the building and was forced put the property on the market. In 2018, the property was purchased by Abraham Leifer, president of Aview Equities, for a neat $50 million. At that time, the property was fully leased including all ground-floor retail area.
Today, the building enters the market fully gutted and vacated with the exception of four rent stabilized tenants. The listing for the property is currently active with Corcoran’s Carrie C. Chiang as the lead brokering agent.