A historic Beaux-Arts mansion, one of the last remaining structures from New York City's Gilded Age, has been sold for $42 million and is slated for demolition to make way for a luxury skyscraper. The Schieffelin-Bowne House, located at 35 W. 57th St., was acquired by developer Sedesco, which has been assembling land for the project on Billionaires' Row.
The sale, which closed on October 29, signifies the final piece of property needed for Sedesco's development site. The company has been gradually acquiring neighboring buildings over the past decade, with total reported purchases approaching $290 million. Sedesco previously demolished adjacent buildings at 37–47 W. 57th St. in March and is expected to unveil new plans for the assembled site in the coming months.
Built in 1891, the mansion was originally commissioned as a wedding gift for Maria Louisa Vanderbilt Shepard and William Jay Schieffelin, a testament to the Vanderbilt family's immense wealth during the Gilded Age. The residence later passed to businessman Samuel W. Bowne in 1899. By the mid-20th century, as wealthy families moved uptown, the mansion's lower floors were converted to retail space, and surrounding Gilded Age homes were replaced by commercial buildings.
Preservation advocates from the Save57 campaign have sought to protect the mansion's facade, urging the developer to incorporate it into the new design. However, demolition plans have already been approved by the city's Department of Buildings, though a specific timeline has not been announced.
Sedesco's general counsel, Derek Gilchrist, stated that the company is "excited to deepen our investment in Midtown with the recent acquisition of 35 W. 57th Street, marking an important step forward in our plan to deliver a world-class project to the neighborhood that adds to the surrounding community."
Previous plans for the neighboring site at 37-47 W. 57th St. outlined a 1,100-foot, 63-story tower intended to include condominium residences, a hotel, and a restaurant. The new plans for the fully assembled site are anticipated to be revealed soon.