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New York

JDS lines up $390M for East Side luxury towers

Developer Sheldon Solow rezoned property, then sold it to Michael Stern for $175M last year

From left: Michael Stern and 626 First Avenue
From left: Michael Stern and 626 First Avenue

Two luxury rental apartment towers are coming to an East Side lot formerly owned by ConEdison.

JDS Development Group secured $390 million in financing last month from Cornerstone Real Estate Advisors LLC, a division of Massachusetts Mutual Life Insurance Co. The developer is now continuing the construction of the two SHoP Architects-designed towers at 626 First Avenue.

“Basically, we want to build the highest-end rental the city has ever seen,” JDS managing partner Michael Stern told the Wall Street Journal. Rents in the 800 units are expected to be more than $80 per square foot.

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Stern also told the Journal that the foundation for the towers is almost complete and that it’s almost time for vertical construction.

In 2005, developer Sheldon Solow bought the site — as well as a larger one a few blocks north — from ConEd. The sites were rezoned in 2008 to allow for the residential towers. Solow sold the smaller site to Stern in 2013 for $175 million. [WSJ, 4th] — Claire Moses 

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JDS Development GroupMichael Stern