Sedesco Buys Billionaires’ Row Mansion from Soloviev

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Sedesco has picked up the missing piece for its mysterious Billionaires’ Row megaproject.

The Turkish developer acquired the historic five-story mansion at 35 West 57th Street for $42 million from Soloviev Group, property records show. The acquisition adds to Sedesco’s existing assemblage on West 57th and 58th streets.

A source close to the matter said the purchase of the mansion was the final portion of Sedesco’s assemblage. The company will release updated plans for the project in the coming months, according to the source.

Commercial Observer first reported the news.

The developer had previously planned to build a 63-story tower with a 158-key hotel, more than 205,900 square feet of commercial space, and 119 residential units on the development site. The company has since been evaluating its options for development.

Sedesco, led by Demir Sabanci, started acquiring parcels for its Billionaires’ Row assemblage in 2012, when the developer paid $71.5 million for 50 West 58th Street. In 2018, Sedesco paid $80 million for 41 West 57th Street. In 2023, it bought a 13-story office property at 37 West 57th Street for $77.5 million.

Sedesco’s project on 57th Street was able to add 52,000 square feet as part of a deal with New York City’s Zoning for Accessibility program. Sedesco recently completed two elevators at the 57th Street and Sixth Avenue subway stop as part of the program.

The building at 35 West 57th Street is the last remaining Gilded Age mansion on 57th Street in Midtown Manhattan, according to a preservation group called Save 57. The mansion is not landmarked by the New York City Landmarks Preservation Commission, meaning Sedesco will likely demolish the property.

Margaret Louisa Vanderbilt Shepard gave the building as a marriage gift to her daughter, Maria Louise Shepard, in 1891. Solow Realty and Development bought the property for $24.4 million in 2006, records show.