It’s high-five time at Nine West, the near-mythical office tower at 9 W. 57th Street. It is enjoying a new life under Stefan Soloviev, the son of the late developer Sheldon Solow.
The 50-story skyscraper, which spans more than 1.6 million square feet behind its famous sloping façade, is inching towards 100% occupancy thanks to a new lease signed with French global asset management firm Tikehau Capital. I got closer.
With the deal for 23,033 square feet on the 45th floor, the building is more than 96% full.
That’s a far cry from the 50% occupancy Mr. Solovyev faced when he took over management of the property after his father passed away in November 2020, when midtown was still largely deserted during the pandemic.
Other tenants at Nine West, as it is known, include Apollo, Moose Partners, Lowe’s Corporation, Davidson Kempner, and PointState Capital.
Rent is typically over $200 per square foot.
Soloviev attributes the recent rental surge in part to the success of “personal relationships with tenants.”
“We listen to them and we respond to them,” he said. “It’s been a 180-degree change from our previous relationship.”
He cited Sheldon Thoreau’s notoriously fragile relationships with his tenants, which sometimes ended in court battles.
The tower was praised for its views of Central Park and the quality of its finishes, but it was rarely full since it opened in 1974.
Some companies feared going there after Mr. Solow sued Avon, Bank of America and others over various occupancy and rent issues.
A notoriously picky developer would leave large tracts of land vacant rather than deal with tenants he didn’t like or lower rents than he was willing to offer.
But Nine West is in great shape right now. Another reason for the resurgence is the elaborate basement tenant-only athletic club that will soon boast a cold plunge spa pool.
There is also a 20,000 square foot amenity center on the 27th floor.
The amenity program actually started at the beginning of the pandemic.
“We were putting $45 million into a building without knowing where the property was going,” Soloviev said.
The ground floor art gallery, now known as the Soloviev Foundation Gallery and home to masterpieces by masters such as Matisse and Giacometti, is finally opening to the public for a limited time.
