[Building photo and renderings via Ismael Leyva Architects]
One of the strangest buildings to rise during the boom, 785 Eighth Avenue has stood for months in a nearly completed state without giving off so much as a whisper as to when the building will go on sale. But architect Ismael Leyva's 43-story sliver building, which combines a whole lot of glass with what we like to call the Great Wall of Hell's Kitchen?though some prefer Hell's Needle?is finally creeping out into the open. Sorta. Actually, make that Sorrento. A Curbed tipster fills us in on this curious tale:
785 8th ave has always been somewhat of a mystery. I heard it quickly sold out to international investors...but I just noticed it popped up on StreetEasy as 306 West 48th being marketed as Sorrento. Their website is sort of unclear what exactly is going on. They have a partnership with a corporate housing company, so perhaps all of the units are for investment only? There is a Brown Harris Stevens listing for 45 unit package at 61 million, which gives the price range for the units.Yep, this is a weird one. Based on the website and the listing, the building?sometimes referred to as S48?is a project of Sorrento Asset Management, a Dublin-based investment firm that bought corporate housing company BridgeStreet Worldwide, which has a 15-year lease on the units (all 122?!). However, the 45-unit portfolio listed by Brown Harris Stevens?eight studios, 33 1BRs, four 2BRs?says the lease agreement is optional. Will any of the building's units actually make it to the open market? The mystery continues!
· Listing: 45 Unit Investment Portfolio [BHS]
· Sorrento New York/S48 [sorrentonewyork.com]
· 785 Eighth Avenue coverage [Curbed]
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