One of Manhattan’s few independent television studio properties has been acquired by ABS Partners Real Estate. The company secured a 75-year ground lease for 515 West 57th Street at a price of $17.25 million, as indicated by public records. The previous holder of the lease was All Mobile Video, a production and studio company.
ABS Partners’ Modell investment team handled the transaction and subsequently subleased the property back to All Mobile Video for four years. Partner Randy Modell and founder Steven Hornstock said they are considering redevelopment options once the sublease period ends.
Modell stated that the lot is zoned for up to 105,000 buildable square feet. Hornstock commented on their plans: “We can dream of a million uses in redevelopment ideas so that’s what attracted us to it.”
All Mobile Video initially purchased the building in 2001 and also owns another studio located on West 26th Street in Chelsea. Eric Duke, president of All Mobile Video, explained that their business focuses on live broadcast television. Productions such as Apple’s “The Problem with Jon Stewart,” “Patriot Act with Hasan Minaj,” and reunion episodes for Bravo shows have been filmed at this location.
“We’re able to continue our business, which is important to us,” said Duke.
The two-story building at West 57th Street covers approximately 46,000 square feet and dates back to 1910. While it has served as a television studio, city records list its classification as an office space.
The property sits across from the CBS Broadcast Center owned by Paramount Global. In July, three developers—Gotham Organization, Lincoln Property Company, and an undisclosed third party—were named finalists to lead redevelopment efforts at No. 524 CBS Broadcast Center according to Bisnow.
