A historic Midtown building is up for auction after years of financial trouble.The Charles Scribner’s Sons Building, which opened in 1913, is set to be auctioned off Wednesday after it went into foreclosure late last year. The building is the former home of publisher Charles Scribner’s Sons’ bookstore and offices, where authors such as F. Scott Fitzgerald and Ernest Hemingway met with their editors. Located at 597 Fifth Ave., the building is hitting the auction block along with the neighboring 3 E. 48th St.Thor Equities, run by developer Joe Sitt, bought both 597 Fifth and 3 E. 48th in 2011 for $108.5 million. Thor combined the ground-floor retail spaces and took out a $105 million mortgage from lender UBS in 2014. But after retail tenant Lululemon, an exercise brand, moved out, Thor defaulted on the loan in 2020. Thor continued to rent out the retail portion of the building, however; it is currently occupied by fashion brand Club Monaco.In late 2024, the value of the mixed-use building had declined by 37% in one year, appraised at just $53 million, Morningstar said in a report. The building’s court-appointed manager, JLL, claimed in court documents that the roof was leaking and needed costly repair after Thor allegedly effectively abandoned the property without performing legally mandated maintenance work.Judge Andrea Masley ruled in December that the lender could foreclose on the properties with a judgment of $140.4 million plus interest. The properties will be sold at... Continue reading at 'Crains New York'
[ Crains New York | 2025-04-29 18:48:19 UTC ]
Since its launch 25 years ago, Amazon's reach has extended well beyond an online bookstore. And while it may seem obvious today, at the time Jeff Bezos was working to get his idea to the masses, many investors thought it would be no match for bookstore giants like Borders and Barnes and... Continue reading at Silicon Valley Business Journal
[ Silicon Valley Business Journal | 2019-07-05 17:38:09 UTC ]
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A Rioter not only got to visit the romance bookstore of her dreams, L.A.'s The Ripped Bodice, but also got a slew of recommendations from a co-owner! Continue reading at Book Riot
[ Book Riot | 2019-07-02 10:36:13 UTC ]
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A Wisconsin indie has launched a fundraising campaign to benefit for RAICES, an organization that aids immigrants detained at the U.S. border. Continue reading at Publishers Weekly
[ Publishers Weekly | 2019-07-01 04:00:00 UTC ]
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What to do while you wait for Netflix’s Sarah Dessen Adaptations: Obviously, get thee to a bookstore and read her ... Continue reading at Book Riot
[ Book Riot | 2019-06-29 10:31:00 UTC ]
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Book Culture, based in the same Queens neighborhood where Amazon wanted to set up shop, says it will be forced to close if the city or state doesn’t offer assistance. In New York City’s Long Island City neighborhood, down the road from where Amazon tried (and failed) to build a “second... Continue reading at Fast Company
[ Fast Company | 2019-06-26 15:56:45 UTC ]
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Special Counsel Robert S. Mueller III’s report on Russian interference in the 2016 U.S. presidential election has become something of a publishing phenomenon, with several book versions of the report flying off bookstore shelves. Now a San Diego publisher is planning to release a version of... Continue reading at Los Angeles Times
[ Los Angeles Times | 2019-06-24 19:00:00 UTC ]
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Popular novels, technical tomes and self-published books are pirated and sold on Amazon. That may actually be helping the company extend its grip on the book business. Continue reading at The New York Times
[ The New York Times | 2019-06-23 21:06:40 UTC ]
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No stranger to the unconventional, REI is at it again: The outdoors retailer is discontinuing its print mail-order catalog and debuting a magazine. Called Uncommon Path, the print publication will run on a quarterly basis and include stories focused on the outdoors. Kent, Washington-based REI... Continue reading at Advertising Age
[ Advertising Age | 2019-06-20 19:50:29 UTC ]
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The building that's home to the famous Strand Bookstore in the East Village was designated a city landmark Tuesday despite warnings from the property's and store's owner that the status could... To view the full story, click the title link. Continue reading at Crains New York
[ Crains New York | 2019-06-12 12:57:30 UTC ]
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The pilot killed when his helicopter of a Midtown skyscraper in rain and fog radioed that he was lost and trying to get back to the heliport but couldn't find it, an official briefed on the... To view the full story, click the title link. Continue reading at Crains New York
[ Crains New York | 2019-06-12 11:09:48 UTC ]
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The New York City Landmarks Preservation Commission voted to landmark 826 Broadway, the building that houses the Strand Bookstore—a decision the owner says will be costly to the store. Continue reading at Publishers Weekly
[ Publishers Weekly | 2019-06-12 04:00:00 UTC ]
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The publisher of the two top-selling magazines on American newsstands has initiated a process aimed at exploring alternatives outside of the traditional magazine-retail supply chain, which has become dominated by two major wholesalers following years of decline and consolidation. Bauer Media... Continue reading at Folio Magazine
[ Folio Magazine | 2019-06-11 20:01:50 UTC ]
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Folio Literary Management, LLC, has acquired Harold Ober Associates, a full-service literary agency founded in 1929 that has represented some of the literary titans of the 20th century, including F. Scott Fitzgerald, William Faulkner, Agatha Christie and J.D. Salinger. Continue reading at Publishers Weekly
[ Publishers Weekly | 2018-09-06 00:00:00 UTC ]
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Parragon is closing down in the UK because of competition and a lack of retail space, owner DC Thomson has told The Bookseller. Continue reading at The Bookseller
[ The Bookseller | 2018-03-01 00:00:00 UTC ]
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One of the most thrilling experiences an author can have is walking into a bookstore and finding their book on the shelves Continue reading at HuffPost
[ HuffPost | 2017-07-18 13:39:29 UTC ]
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This week: a wonderful biography of F. Scott Fitzgerald, plus the controversial novel that inspired last year's hit movie 'Elle.' Continue reading at Publishers Weekly
[ Publishers Weekly | 2017-05-19 00:00:00 UTC ]
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Time Inc. is finally leaving midtown Manhattan. The company will vacate an office space at 135 West 50th Street "before the end of the year," a company spokeswoman confirmed to Ad Age.Last year, Time Inc. left the iconic Time & Life Building in Rockfeller Center for a shiny new office... Continue reading at Advertising Age
[ Advertising Age | 2016-11-01 00:00:00 UTC ]
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New York Times leases Bloomsbury office space, Buzzfeed UK expands and HuffPo growth continuesJudging by the summer filler columns of the national press, glimpsed tantalisingly through paywalls and Facebook-boosted posts, London ought by now to be a deserted wasteland of empty houses and dying... Continue reading at The Guardian
[ The Guardian | 2015-07-12 00:00:00 UTC ]
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Two central Minnesota bookstores owned by Sally Wizik Wills--Beagle Books in Park Rapids and Sister Wolf Books in Dorset--have been consolidated into one retail space, and re-named Beagle and Wolf Books & Bindery. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-05-04 00:00:00 UTC ]
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