Italian luxury fashion family sells Midtown West office to co-nationals for $22.4M

The entity PLT H&A, Inc., which is affiliated with the family of PLT energia founder Pierluigi Tortora of Milan, paid $22.4 million to Massimo Ferretti and Alberta Ferretti through the entity Ferrim USA, Inc. for the office building (O2) at 30 West 56th Street in Midtown West, Manhattan. The expected use is owner-occupied. The sellers are major owners of the luxury Italian holding company Aeffe Group that owns the brands Alberta Ferretti, Moschino, Philosophy and Pollini.

The deal closed on May 27, 2025 and was recorded on May 29, 2025. The property has 21,530 square feet of built space and 13,267 square feet of additional air rights for a total buildable of 34,800 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,042 and the price per buildable square foot is $645 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property in 1994 for $3.8 million. The signatory for Massimo Ferretti and Alberta Ferretti was Giovanni Spinelli . The contract date was May 20, 2025.

The building was constructed in 1899 to 1901 and a city landmark designation in 2007: “The Henry Seligman Residence, a well-preserved example of the fashionable townhouses that lined the 50s side streets off Fifth Avenue, was executed in the neo-French Renaissance style. The residence was one of several built for bankers at the turn of the twentieth century on the street that became known as ‘Bankers’ Row.’ Henry Seligman, the original owner of the house, was a senior partner in the prestigious investment banking firm of J & W Seligman & Company and financed railroad projects, helped underwrite the formation of U.S. Steel and General Motors, and provided support and backing to the construction of the Panama Canal. ”

The property has been owned by affiliates of the luxury holding company Aaffe SpA, the entity Ferrim USA, which is owned by Massimo and Alberta Ferretti. Aeffe announced in a public filing that it would terminate early its lease which it had with the building owners, Massimo and Alberta Ferretti, which owned it through Ferrim USA.

“The Transaction stems from Ferrim USA’s acceptance of the request made by Aeffe Group to allow early termination of the lease — with an annual rent of USD 900,000 — for the property owned by Ferrim USA located in New York, 30 West 56th and 452 West Broadway, currently used as a showroom and offices by Aeffe Group, originally set to expire on September 27, 2027… The early termination of the Contract will take effect, without any penalties to Aeffe Group, as of May 27, 2025, allowing Aeffe Group to move its showroom and offices by June 1, 2025, to another appropriate but smaller space… [at] 394 Broadway. This space, whose annual rent ranges from USD 223,000 in the first year to USD 265,400 in 2030, will be available from June 1, 2025. The expected cost savings for Aeffe Group is approximately USD 600,000 annually (around USD 650,000 in the early years); to sign the new lease agreement, Aeffe Group asked Ferrim USA to consensually and early terminate the Contract as of May 27, 2025.”

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Pierluigi Tortora had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Massimo Ferretti had not purchased any other properties and had not sold any properties over the same time period.

The property

The office building in Midtown West has 21,530 square feet of built space and 13,267 square feet of additional air rights for a total buildable of 34,800 square feet according to a PincusCo analysis of city data. The parcel has frontage of 41 feet and is 110 feet deep with a total lot size of 4,350 square feet. The lot is irregular. The property is in the Individual Landmark. The city-designated market value for the property in 2022 is $6.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $150 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 2nd highest sale turnover among other neighborhoods in the city with $2.8 billion in sales volume in the last two years. For development, Midtown West is the most active neighborhood among other neighborhoods. It had 35.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 46 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 22 of the 35 commercial properties representing 1,458,530 square feet of the 1,597,691 square feet. The largest owner is Paramount Group, followed by Barings and then Bldg Management.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 1.6 million square feet of built space are office buildings, with elevator buildings next occupying 16 percent of the space.

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