JDS pays $170M for First Avenue site, plans luxury residential development

TRD New York /
Mar.March 04, 2013 10:30 AM

In his most ambitious project to date, Michael Stern’s JDS Development has paid $170 million for a full block on First Avenue that he plans to convert into a luxury apartment development, the Wall Street Journal reported.

The 33-year-old Stern purchased the complex, located between East 35th and East 36th Streets, in partnership with hedge fund Baupost Group, sources familiar with the transaction told the Journal. “The neighborhood is crying out for something modern and upscale,” Stern, who hopes to break ground on the $600 million project this summer, told the Journal. “It really is a chance to shape the skyline.” 

Stern, who was recently profiled by The Real Deal,  has been involved in increasingly high-profile projects of late, including a partnership with Property Markets Group to convert the Walker Tower building in Chelsea into luxury condominiums. In January, JDS also paid Sheldon Solow $200 million for a parcel of land overlooking the East River that is zoned for residential use. [WSJ] —Hiten Samtani

Related Articles

111 West 57th Street (Credit: iStock)

Another legal door closes for jilted investor at 111 West 57th Street

Supreme Court Judge rules against LES development

Two Bridges developers plan to contest judge’s ruling against plans for LES mega development

JDS Development's Michael Stern and a rendering of Two Bridges (Credit: Rendering by Handel Architects via Curbed NY)

Court decision throws JDS’ controversial Two Bridges development into jeopardy

Michael Stern and 212 West 18th Street, Unit 15B

JDS’ Michael Stern lists Walker Tower pad
for $28M

From left: JDS Development Michael Stern, 111 West 57th Street, and Property Markets Group founder Kevin Maloney (Credit: Getty Images)

Sour grapes at 111 West 57th: AmBase tries again to reclaim the Manhattan supertall

Renderings of 9 DeKalb Avenue in Brooklyn, 333 Schermerhorn Street in Brooklyn, and 11-35 49th Avenue in Long Island City (Credit: JDS Development and Elegran)

These were the top 10 outer borough loans in April

JDS secures $664M construction loan for Brooklyn’s future tallest tower

JDS secures $664M construction loan for Brooklyn’s future tallest tower

JDS sells Far Rockaway beachfront complex for $33M

JDS sells Far Rockaway beachfront complex for $33M