Fisher Brothers, one of the major commercial builders in the city, has reached a deal to sell a minority stake in the green-glass skyscraper behind the Racquet & Tennis Club on Park Avenue across from the Seagram building, according to an article today by Matt Chaban at observer.com.
The mid-block,15-sided, 44-story office tower was designed by Skidmore, Owings & Merrill and used air rights acquired from the adjacent club.
Rockpoint Group paid $330 million for its 49 percent stake in the building, according to the article, which noted that The Wall Street Journal said that Winston Fisher, a grandson of the one of the founders of the company, said that "From the family's perspective we're in a great position to take advantage of some of the dislocation that may be coming."
Mr. Chaban wrote that "while there is no definitive proof, it would also make sense that the Fishers have finally struck a settlement with Sheldon Solow, the once mighty, now fallen developer king, as a means to drumming up further cash for their planned acquisitions. The families took a 50-50 stake in the former Con Edison site just south of the United Nations complex, paying $600 million to the utility a decade ago. Since the partnership soured, the Fisher's have slowly been selling their stake to Solow, with just under seven percent left on the tab at a price of $111 million. When the recession hit and nearly wiped Solow out, he was unable to pay and a lawsuit ensued. The details of the latest deal remain undisclosed, but presumably they were satisfactory to all sides."
An article in The New York Times by Charles V. Bagli October 15, 2010, said that "with Mr. Solow due in court this week for a deposition before a special referee, the two sides reached a settlement, according to a notice filed Thursday in State Supreme Court."
The article quote Andrew Hayes, general counsel for Mr. Solow's real estate company, as saying that "I can tell you we're pleased and we will be buying out the Fishers' interest," adding that Gary Mennitt, a lawyer for the Fisher family, confirmed the settlement, but like Mr. Hayes, he declined to go into detail because of a confidentiality agreement.
The article noted that "Earlier this year, Mr. Solow's son, Stefan, oversaw a proposed settlement with the Fishers, after his father mysteriously stopped coming into the office," adding that "His lawyers notified the court of the action, but the elder Mr. Solow quickly reappeared and refused to sign the agreement."
The mid-block,15-sided, 44-story office tower was designed by Skidmore, Owings & Merrill and used air rights acquired from the adjacent club.
Rockpoint Group paid $330 million for its 49 percent stake in the building, according to the article, which noted that The Wall Street Journal said that Winston Fisher, a grandson of the one of the founders of the company, said that "From the family's perspective we're in a great position to take advantage of some of the dislocation that may be coming."
Mr. Chaban wrote that "while there is no definitive proof, it would also make sense that the Fishers have finally struck a settlement with Sheldon Solow, the once mighty, now fallen developer king, as a means to drumming up further cash for their planned acquisitions. The families took a 50-50 stake in the former Con Edison site just south of the United Nations complex, paying $600 million to the utility a decade ago. Since the partnership soured, the Fisher's have slowly been selling their stake to Solow, with just under seven percent left on the tab at a price of $111 million. When the recession hit and nearly wiped Solow out, he was unable to pay and a lawsuit ensued. The details of the latest deal remain undisclosed, but presumably they were satisfactory to all sides."
An article in The New York Times by Charles V. Bagli October 15, 2010, said that "with Mr. Solow due in court this week for a deposition before a special referee, the two sides reached a settlement, according to a notice filed Thursday in State Supreme Court."
The article quote Andrew Hayes, general counsel for Mr. Solow's real estate company, as saying that "I can tell you we're pleased and we will be buying out the Fishers' interest," adding that Gary Mennitt, a lawyer for the Fisher family, confirmed the settlement, but like Mr. Hayes, he declined to go into detail because of a confidentiality agreement.
The article noted that "Earlier this year, Mr. Solow's son, Stefan, oversaw a proposed settlement with the Fishers, after his father mysteriously stopped coming into the office," adding that "His lawyers notified the court of the action, but the elder Mr. Solow quickly reappeared and refused to sign the agreement."
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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