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
 Jeff Sutton of Wharton Properties, 25 West 34th Street in NYC (Google Maps)
Jeff Sutton’s Midtown hotel project snags Sonder as first tenant
Jeff Sutton’s Midtown hotel project snags Sonder as first tenant
NYC hotels hoping for holiday business swell likely to be disappointed
NYC hotels hoping for holiday business swell likely to be disappointed
NYC hotels hoping for holiday business swell likely to be disappointed
Clockwise from top left: 2875 Morningside Heights, 38-21 12th Street in Long Island City, 46 Nevins Street in Brooklyn (Google Maps)
Investors flip NYC industrial, hotel, office buildings in pre-holiday frenzy
Investors flip NYC industrial, hotel, office buildings in pre-holiday frenzy
Brookfield weighs $1.5B hotel portfolio sale
Brookfield weighs $1.5B hotel portfolio sale
Brookfield weighs $1.5B hotel portfolio sale
Ty Warner and the Four Seasons at 57 East 57th Street (Getty, Google Maps)
Midtown’s Four Seasons caught in tiff between owner and hotel brand
Midtown’s Four Seasons caught in tiff between owner and hotel brand
Mark Siffin of Maefield Development and 20 Times Square (Maefield)
Maefield’s Times Square Edition hitting auction block
Maefield’s Times Square Edition hitting auction block
Shuttered Courtyard by Marriott LaGuardia up for sale
Shuttered Courtyard by Marriott LaGuardia up for sale
Shuttered Courtyard by Marriott LaGuardia up for sale
Oklahoma City developer reviving shuttered Martinique Hotel
Oklahoma City developer reviving shuttered Martinique Hotel
Oklahoma City developer reviving shuttered Martinique 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...