Houston-based Crimson Real Estate Fund and USAA Real Estate Co., a San Antonio-based company, have paid $50 million for a development site located at 546 West 44th Street, according to public records filed with the city today. The companies are planning to develop 298 units of market-rate and affordable housing at the site, between 10th and 11th avenues, according to a release from USAA Real Estate released last week.
Plans include 80 percent market-rate units and 20 percent affordable units in the two-building development, and the companies intend to begin construction in the first quarter or 2014, the release said.
Cushman & Wakefield had been marketing the site, which went on the market in September and is currently occupied by a garage, according to previous reports.
Pasha Group LLC, an entity reportedly linked to a family with New York City real estate holdings, is listed on the deed as the seller. Pasha has owned the site since April 1999, records show.
Neither Crimson nor USAA responded immediately to requests for comment. A message to Cushman & Wakefield was not immediately returned.