Spitzer Enterprises, the real estate firm run by former New York Gov. Eliot Spitzer, and its partner are exploring a sale of a luxury apartment building overlooking Manhattan’s Central Park.
Spitzer and the co-owner of 800 Fifth Ave., Winter Properties, are marketing the property, which could be worth as much as $1 billion, said people familiar with the matter. A Newmark Group Inc. team led by brokers Doug Harmon and Adam Spies is representing the owners in the sale, said the people, who asked not to be identified citing private information.
The current building is being used for rentals. But the site is being marketed as a major development opportunity for investors seeking to turn the property into for-sale residences. A developer would have the ability to build roughly 350,000 square feet (32,500 square meters) for residential use, the people said.
Representatives for Spitzer and Winter didn’t immediately respond to a request for comment. A spokesperson for Newmark declined to comment. The Promote earlier reported that the firms were exploring a sale without disclosing potential valuation.
Investors have been seeking sites to build more luxury housing in Manhattan. This month, landlord Soloviev Group purchased an office building on West 57th Street, known as Billionaires’ Row, with possible options for the site, including one that would include luxury condos, a hotel and retail space. Soloviev’s Michael Hershman said in an interview that there’s good appetite for high-end residences in the city.
Last year, Extell Development bought an office property on Madison Avenue, with plans to replace it with luxury housing and retail.
The Spitzers have long been influential in New York real estate, with Eliot’s dad overseeing the property firm known for building luxury high-rises. Eliot has continued to work in the business, building towers in Brooklyn and seeking to redevelop a property at 985 Fifth Ave. into condos.