Former Jay-Z-owned Far West Side site to sell to Albanese Organization

December 14, 2011 12:31PM

From left: Jay-Z and 511 West 21st Street (credit: PropertyShark)

A parcel of land ripe for development, and previously owned and lost by rapper Jay-Z will likely be bought by the Albanese Organization for around $60 million, the New York Observer reported.

The site, at 511 West 21st Street, between 10th and 11th avenues, has 140,000 buildable square feet and is zoned for retail, hotel or office space.

The hip-hop star and real estate investor purchased the site at the height of the market for more than $50 million, and spent millions more on air rights, the Observer said. Highland Capital, the Texas-based investment fund that had backed in the land purchase, took over the property in 2009, and in the end was able to sell to the Albanese Organization at a profit, the Observer said.

“Between 10th and 11th avenues is gold,” said Alan Miller, senior director at Eastern Consolidated, who arranged the original deal for Jay-Z. “It slowed down for a couple of years but the bounce-back in pricing is simply astonishing.” [NYO]