One of Manhattan’s rare independent television studio properties has changed hands.
ABS Partners Real Estate has purchased a 75-year ground lease for 515 West 57th Street for $17.25 million, according to public records. The seller is All Mobile Video, a studio and production company. The lease allows ABS the first right to purchase.
ABS has subleased the space back to All Mobile Video for four years. Randy Modell, a partner at ABS, and Steven Hornstock, a founder at the company, said they’re thinking about redevelopment opportunities for after the lease expires.
Modell said the lot is zoned for 105,000 buildable square feet.
“We can dream of a million uses in redevelopment ideas so that’s what attracted us to it,” said Hornstock.
All Mobile Video purchased the building in 2001. The company owns another studio on West 26th Street in Chelsea.
Episodic programs film elsewhere in the city but require more space and less technology, according to Duke.
The 46,000-square-foot building on West 57th Street is two stories and was built in 1910. Although in use as a studio, the building is classified as an office, according to city portals.
Eric Duke, president of All Mobile Video, said the studio specializes in live broadcast television. TV shows, including Apple’s “The Problem with Jon Stewart” and “Patriot Act with Hasan Minaj” have filmed at the West 57th Street soundstage, along with reunion episodes for Bravo programs.
“We’re able to continue our business, which is important to us,” said Duke.
The property is across the street from the CBS Broadcast Center, owned by Paramount Global. The media conglomerate has been looking into redeveloping No. 524 and in July selected three developers as finalists to lead the project, Bisnow originally reported. Those are Gotham Organization, Lincoln Property Company and a third, unknown developer.
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