On the Market
Following Mercedes-Benz’s departure in January from the showroom it occupied at 430 Park Avenue since the late 1950’s, ownership is demolishing the space, The Commercial Observer has learned.
The demolition began last week following the luxury car dealer’s departure on January 7, when it consolidated its operations at its national headquarters at 770 Eleventh Avenue, sources confirmed, including Roque Toribio, a security guard at the Park Avenue location who was not authorized to give The Commercial Observer a peek at the space.
Related is selling The Monterey, a posh Upper East Side luxury apartment building at 175 East 96th Street, The Commercial Observer has learned.
Sources familiar with the offering said the company hopes to score bids in the $250 to $300 million range for the 29-story tower, which means the firm could snag nearly $575,000 for each of its 522 units.
The announcement came as a surprise to some, as Related built the building in 1993 and has a reputation for hanging on to things.
“I think everybody is surprised when related sells something… they are predominately long-term holders,” the source said. “But I always say that even the best gardens need pruning once in a while, and once every couple of years they sell an asset.”
The Mercedes showroom in 430 Park Avenue is one of the few commercial spaces in Manhattan designed by the famed architect Frank Lloyd Wright. Now, with Mercedes set to leave the location at the end of the year, 430 Park Avenue’s landlord, Midwood Properties, is said to be in the market shopping for new tenants.
Mr. Wright designed the space in the early 1950s for the European car importer Max Hoffman and for years was known as the Hoffman Showroom.