search

The Real Deal Logo

Trending

Rent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlordsLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aGVA sells Georgetown apartments for $25M in “forced sale” GVA sells Georgetown apartments for $25M in “forced sale” Tony Park and Elad Dror take a gamble on Koreatown office-to-resi conversionTony Park and Elad Dror take a gamble on Koreatown office-to-resi conversion
New York

Michael Stern eyes record-setting West Side buy

West 24th Street parcel could go for $800 per square foot

From left: Michael Stern And 514 West 24th Street
From left: Michael Stern And 514 West 24th Street

UPDATED, 4:02 p.m., May 15: Developer Michael Stern is reportedly eyeing a parcel on Manhattan’s West Side that could set a record if it goes for the predicted $800 per square foot.

The head of JDS Development Group is looking to buy 510-514 West 24th Street, between Tenth and Eleventh avenues, in a joint venture with Largo Investments. Located beside Cary Tamarkin’s 10-story condominium building at 508 West 24th Street, the parcel could go for as much as $32 million, according to Crain’s.

Sign Up for the undefined Newsletter

News of the possible purchase comes as Related is currently mulling the purchase of another two sites nearby for $200 million — or $700 per build able square foot. Both sites are parking lots at the moment.

Stern, meanwhile, is currently constructing a two-tower residential property at East 35th Street along the East River, as well as a 1,350-square-foot tower at 111 West 57th Street. [Crain’s] — Julie Strickland

Tags
JDS Development GroupMichael Stern