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 ]
Allen & Unwin has signed a novel following the final years of The Great Gatsby author F Scott Fitzgerald. The publisher signed Stewart O'Nan's West of Sunset in a deal for UK, Commonwealth and Australia and New Zealand rights with Rachel Clements at Abner Stein on behalf of The Gernert Company. Continue reading at The Bookseller
[ The Bookseller | 2014-11-18 00:00:00 UTC ]
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Profile Books and Serpent's Tail are moving to new premises near Pentonville Road in London. Profile and its imprints have been based at Exmouth Market for the past seven years, but will now move to new office space in Holford Yard, just off Pentonville Road, between Kings Cross St Pancras and... Continue reading at The Bookseller
[ The Bookseller | 2014-10-29 00:00:00 UTC ]
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The Frankfurt Book Fair ran from October 8 to 12, wrapping up on Sunday, and while professional attendance appears to have dipped (exact figures were not available at press time), there was a noticeable increase in the enthusiasm of attendees. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-10-10 00:00:00 UTC ]
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Official attendance figures were not available at press time, but ALA officials said the early numbers were on pace to surpass expectations. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-06-30 00:00:00 UTC ]
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San Francisco-based Dwell Media, publisher of high-end modern design magazine Dwell, is doubling its office space and moving its creative team to New York City. The move is the final step in a gradual eastward migration f Continue reading at Folio Magazine
[ Folio Magazine | 2013-10-18 00:00:00 UTC ]
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