The 247,000-square-foot, 16-story building at 109 West 57th Street opened in 1925 and houses the famed piano-maker’s flagship retail showroom. Steinway sold its stake in the Beaux Arts property to a consortium with JDS, Atlantic Development Group and Property Markets Group, Bloomberg reported. The building is next door to 107 West 57th Street, which JDS is developing into a skinny, 51-story, 28-unit tower designed by Cetra/Ruddy.
The soon-to-be-ex-Steinway Hall has lofty company; it’s on the same block as billionaire nest One57 by Extell Development and three blocks away from the city’s future highest apartment building, 432 Park Avenue by Harry Macklowe.
Steinway will occupy the building without paying rent for 14 months after the deal closes, and stay another four months for a fee while it hunts for another showroom.