The Real Deal New York

Michael Stern eyes record-setting West Side buy

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

May 15, 2014 03:25PM

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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.

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

  • moneytalks

    He is the next big thing. Hate him or love him. At 34, he has a bright future.

  • Max

    We’ll see…big price there…also it is a 1,350 foot tower, in height.

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