In his most ambitious project to date, Michael Stern’s JDS Development has paid $170 million for a full block on First Avenue that he plans to convert into a luxury apartment development, the Wall Street Journal reported.
The 33-year-old Stern purchased the complex, located between East 35th and East 36th Streets, in partnership with hedge fund Baupost Group, sources familiar with the transaction told the Journal. “The neighborhood is crying out for something modern and upscale,” Stern, who hopes to break ground on the $600 million project this summer, told the Journal. “It really is a chance to shape the skyline.”
Stern, who was recently profiled by The Real Deal, has been involved in increasingly high-profile projects of late, including a partnership with Property Markets Group to convert the Walker Tower building in Chelsea into luxury condominiums. In January, JDS also paid Sheldon Solow $200 million for a parcel of land overlooking the East River that is zoned for residential use. [WSJ] –Hiten Samtani