Steinway Musical Instruments announced on Friday that it has finalized the sale of Steinway Hall, its flagship showroom at 109 West 57th Street.
The buyer is JDS Development Group, which in March paid $46 million to acquire the air rights for Steinway Hall. The acquisition will allow a planned 51-story condominium tower at the adjacent 107 West 57th Street to be 200 feet taller, according to a report in The Real Deal.
Built in 1925, the 16-story Steinway building has close to 45,000 square feet of air rights attached, according to PropertyShark.
In a statement, Steinway Chairman and CEO Michael Sweeney said the sale will enable the company to focus its attention on its core musical instruments business. He added, “it positions us to prepare for the creation of a 21st century Steinway Hall in Manhattan that serves the needs of today's artists and customers just as the West 57th Street building did when it opened in 1925."
Steinway Hall is presently home to three floors of pianos, plus the company’s sales, marketing and service departments. It hosts concerts in its two-story rotunda. Steinway can stay through September 2014 and extend that period for an additional four months subject to an agreed upon rent, according to the deal. There is no word yet on a new Manhattan location.