Rumors fly as developer Feil Organization stops renewing leases at a West 57th Street property

The rush to buy oligarch-priced trophy homes in New York City may be slowing down, but that might not be enough to dissuade some developers from pushing pricey projects forward. The Post has learned that the Feil Organization, owner of the century-old office building that once provided studio space for artists at 140 West 57th Street along so-called Billionaires’ Row, may be eyeing a residential conversion of the property.

Leases for the building’s creative tenants, galosh designer Hunter Boots once among them, are no longer being renewed, according to sources of the Post who also passed along word that floorplans have already been drawn up for the small 14-story building.

The property at 140 West 57th Street was landmarked in 1999 along with its nearly identical neighbor at 130 West 57th Street. Feil purchased no. 140 in 2009 from 432 Park Avenue developer Harry Macklowe for $59 million. The building, whose double-height windows once provided light to working artists, was converted into office space in 1998.

The Post points out that a residential conversion isn’t the only kind of conversion that may make sense for a property like this; its proximity to Central Park and attractions of the like mean it might also make sense as a hotel or a reconfigured “boutique” office space.

As for the three-story Morton Williams at the building’s base, it’s not going anywhere. The supermarket still has 20 years left on its lease.

From http://ny.curbed.com/2016/9/27/13072830/billionaires-row-residential-conversion-nyc

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