The Real Deal New York

Neighbor to Kuafu’s troubled Hudson Yards site asking $65M

Parking lots at 456 and 460 11th Ave. hold nearly 75,000 buildable sf

March 03, 2015 03:50PM
By Rich Bockmann

456 and 460 11th Avenue

456 and 460 11th Avenue

UPDATED, March 4, 11:26 a.m.: The owner of a small Hudson Yards parking lot next to the development site owned by battling partners Kuafu Properties, Siras Development and Blackhouse Development is looking to sell the properties, with one team of brokers asking a price that works out to almost $900 per square foot.

The two addresses, 456 and 460 11th Avenue, sit across the northern end of the Jacob Javits Center and hold roughly 74,000 buildable square feet, a figure that can be boosted as high as 162,000 square feet by purchasing Hudson Yards building bonuses.

“It’s time to sell,” said owner Isaac Zubli of U and I Realty Corp., which has owned the lots for more than 30 years. Zubli said he has not signed a contract with any brokerage, but is fielding offers.

One team of brokers is actively marketing the property. Leon Ye and Will Fang of the firm Gotham Advantage, a little-known company that appears to cater to Chinese buyers, had a listing for the site in collaboration with lead firm Unlimited Homes Realty.

Gotham Advantage’s site had posted an asking price of $65 million, but the listing has since been removed and the brokers said the figure is no longer accurate, but declined to name a new asking price.

The $65 million asking price, however, covers just the land. Buying the extra 88,000 square feet the site is eligible for could cost somewhere another $16 million, according to a calculation by The Real Deal based on prices developers nearby are paying.

The corner site, currently operated as a small parking lot, fills out the rest of the block fronting 11th Avenue between 37th and 38th Streets next to a site where plans for a 47-story hotel and condominium dubbed Hudson Rise now seem in jeopardy.

Late last week, Kuafu, a New York-based Chinese development firm,  filed a petition in state court claiming it had hit a deadlock with its partners, Sean Ludwick’s Blackhouse and Siras Development, a company founded by Ludwick’s former partners Saif Sumaida and Ashwin Verma.

Earlier this year Kuafu applied to buy approximately 170,000 square feet of Hudson Yards bonuses for $31.6 million, or roughly $186 per buildable foot.

Across 37th Street from Zubli’s properties, developer David Marx is taking a second crack at a hotel project that went belly up in the recession.

Clarification: This post was updated to note a change in the listing and clarify the roles of the different brokerages involved.

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