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

TRD New York /
Dec.December 14, 2011 12:31 PM
alternate
text
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]


Related Articles

arrow_forward_ios
From left: Milos Raonic, Venus Williams, Serena Williams and Novak Djokovic (Credit: Getty Images)

Luxury real estate anyone? US Open stars and their palatial pads

Lena Dunham and 60 Broadway (Credit: Getty Images)

Lena Dunham’s “massive real estate mistake”

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

Steve Roth and 512 West 22nd Street (Credit: Getty Images)

E-commerce company inks pricey deal at Vornado’s High Line office space

5400 Hammock Drive and Timbaland (Credit: Getty Images)

Timbaland drops $8M on Coral Gables mansion

Southampton home once owned by Mel Brooks and Anne Bancroft sells

Southampton home once owned by Mel Brooks and Anne Bancroft sells

Andy and Kate Spade with 850 Park Avenue (Credit: Getty Images and Google Maps)

Kate Spade’s UES co-op sells for $5.8M

From left: Bono, David Beckham and Taylor Swift

From Shaq to Leonardo DiCaprio, the latest celebrities to invest in real estate

arrow_forward_ios
Loading...