On Tuesday, M1 Real Estate, a Monaco-based real estate developer, inked a 99-year leasehold on the 10-story Argonaut Building at West 57th Street and Broadway. The Argonaut is the firm’s first foray into the North American market, and a spokesperson for M1 called the property a “home run acquisition.” M1 is currently evaluating the merits of two other potential deals in New York. The Argonaut is across the street from heralded LEED Gold Hearst Tower, and M1 plans to seek an unspecified LEED rating in connection with its renovation of the property’s entire 175,000 square feet. The project’s most sustainable feature, of course, is the Argonaut’s age; it was initially built in 1909 and served as the headquarters for General Motors prior to Hearst, and the building’s name actually comes from that of GM’s holding real estate holding company.
February 21st, 2008 | Stephen Del Percio | 0 comments | Continued