Zell’s first NYC construction among new High Line developments

TRD 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]

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