Developer Sheldon Solow is losing his grip on his empire, the state of which gets investigated by the NYT's Charles Bagli today. Solow's signature office tower on 57th Street is half empty, his company is hemorrhaging executives and, amid rumors of the octogenarian's health problems, Solow's family members have taken the reins. So what does this all mean for Solow's massive mud pits along First Avenue just south of the UN, one of the biggest undeveloped parcels in Manhattan? A decade after Solow won the bidding for the land, the $4 billion mixed-use development is going nowhere, slowly. But here's a glimmer of hope: According to an anonymous source, the Solow family has "quietly asked certain deep-pocketed developers whether they would be interested in buying some of their undeveloped land." Interesting! Prepare the map for updating.
· Empire Built by Developer Shows Signs of Distress [NYT]
· Sheldon Solow coverage [Curbed]