Months after purchasing the ground lease of an independent television studio property, ABS Partners Real Estate tipped its hand on what could be coming up next.
Gregg Schenker’s firm filed a rezoning application with the Department of City Planning for a nearly 400-unit housing development at 515 West 57th Street, the Commercial Observer reported. ABS would need to go through ULURP to build its 30-story, 394-unit project in Midtown West.
The 378,000-square-foot development would feature a commercial component. Additionally, 119 units would be designated affordable under New York City’s mandatory inclusionary housing rules.
ABS did not respond to the outlet’s request for comment.
The firm purchased the property’s 75-year ground lease from studio and production company All Mobile Video in October for $17.2 million, giving the real estate company the first right of purchase of the property. ABS subleased the space back to All Mobile Video for four years, but was not shy about thinking of redevelopment possibilities after the sublease expiration; between ULURP and construction, ABS appears to be gaming out the timeline.
All Mobile Video purchased the building in 2001. The 46,000-square-foot building on West 57th Street is two stories and was built in 1910. Although used as a studio, the building is classified as an office.
Eric Duke, president of All Mobile Video, said the studio specializes in live broadcast television. Shows such as Apple’s “The Problem with Jon Stewart” and “Patriot Act with Hasan Minaj,” filmed at the West 57th Street soundstage, along with reunion episodes for Bravo programs.
It’s across the street from the CBS Broadcast Center, owned by Paramount Global. The media conglomerate has been looking at redeveloping its property, and in July selected three developers as finalists to lead the project.
As of a year ago, ABS’ real estate investment-focused portfolio spanned 14 million square feet across 11 states. The portfolio includes the retail and office building at 200 Park Avenue South in Midtown Manhattan, a boutique office building at 145 East 57th Street in the Plaza District and a six-property retail spread on Steinway Street in Astoria.
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