Zell’s first NYC construction among new High Line developments

New York /
May.May 13, 2011 11:14 AM

The near completion of the second section of Chelsea’s High Line park has brought a wave of new residential developments, and new developers, to the West 20s. As the Wall Street Journal noted, one of the developers making its first foray into Manhattan construction is actually a familiar name: Equity Residential, the company chaired by real estate mogul Sam Zell. Though Zell first entered New York City in 2004, and the New York-Metro area now accounts for 13 percent of his company’s income, a 111-unit rental is the first ground-up project his firm has undertaken. Zell purchased the lot on 10th Avenue near West 23rd Street for $12 million from Shaya Boymelgreen last year, and spent $44 million developing TEN23, which will rent studios for more than $3,000 per month and 1,053-square-foot two-bedroom units for more than $5,800 units per month — among the priciest rents in the neighborhood. Yet despite the bevvy of new inventory along 10th Avenue, including 245 Tenth Avenue near West 24th Street, HL23 near West 23rd Street,  + aRt at West 28th Street and the Enrique Norton-designed Hotel Americano at 518 West 27th Street, analysts still expect Zell’s pricey units to lease “faster than [Zell and Equity Residential] are expecting.” [WSJ]


Related Articles

arrow_forward_ios
Atlas Hospitality Brokerage president Alan Reay (Atlas Hospitality Brokerage)
Listen: Inside the looming distress across the hotel market
Listen: Inside the looming distress across the hotel market
Bob Ghassemieh, Ignazio and Maggio Cipriani, Mr. C Seaport at 33 Peck Slip (Getty, Mr. C Residences, Google Maps, Bob Ghassemieh)
Mr. C Seaport hotel sold to South Korean operator for $60M
Mr. C Seaport hotel sold to South Korean operator for $60M
Hotel at Times Square heads to auction
Hotel at Times Square heads to auction
Hotel at Times Square heads to auction
From left: Quadrum Development's Oleg Pavlov, Toby Moskovits, and Heritage Equity Partners' Michael Lichtenstein with the  96 Wythe Ave (Williamsburg Hotel, Getty)
UK firm to buy Moskovits, Lichtenstein’s Williamsburg Hotel for $96M
UK firm to buy Moskovits, Lichtenstein’s Williamsburg Hotel for $96M
The Moinian Group’s Joseph Moinian with 37-10 and 37-20 114th Street
Moinian sells dev site near LaGuardia for $50M
Moinian sells dev site near LaGuardia for $50M
From left: Vornado’s Steve Roth and Andrew Penson with 1601 Broadway
Crowne Plaza Times Square Hotel owners file for bankruptcy
Crowne Plaza Times Square Hotel owners file for bankruptcy
From left: BD Hotels’ Richard Born and The Jane Hotel/JK Hotel Group’s Jeff Klein with the Jane Hotel (Smart Travel, Studio Scrivo)
Jeff Klein buys Jane Hotel for $62M
Jeff Klein buys Jane Hotel for $62M
Illustration of the Belmont Hotel in Dallas (Getty, Google Maps; Illustration by Kevin Rebong for The Real Deal)
The lives and deaths of the Belmont Hotel
The lives and deaths of the Belmont Hotel
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...