Lalezarian pays $21.3M for Hudson Yards-area lot

TRD New York /
May.May 02, 2013 05:30 PM

Lalezarian Properties has paid $21.25 million for a commercial loft building in the Hudson Yards Special District, with plans to erect a residential rental development on the site, the New York Observer reported.

The Lake Success, N.Y.-based company intends to raze the existing six-story, 37,929-square-foot structure at 511-515 West 36th Street and build on that lot, as well as adjacent parcels it already owns at 519 and 525 West 36th Street.

The site can accommodate up to 96,000 square feet of residential development, plus ground floor retail, if the developer pays into a special city district improvement fund. Since the city is creating a street at the location, it will ultimately sit on a corner lot.

The seller was National Acoustics, an office build-out firm that is moving its operations to Long Island City.

Eastern Consolidated’s Nancy Tran represented the seller, while her colleague at the firm, Azita Aghravi, procured the buyer.

“The site is tremendously valuable because of its Hudson Yards location, now an extremely sought-after, rapidly gentrifying Manhattan submarket due to all the new development underway in the area,” Tran said in a release. “When my client first purchased the property, the area was virtually a ‘no man’s land.’” [NYO]Leigh Kamping-Carder

 

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
The Observation Deck at Hudson Yards (Credit: Adam Pogoff)

Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere

Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere
Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images and Wikipedia)

Facebook close to finalizing Hudson Yards office deal: report

Facebook close to finalizing Hudson Yards office deal: report
Neiman Marcus at Hudson Yards and Geoffroy van Raemdonck (Getty)

Neiman Marcus exits bankruptcy $4B lighter

Neiman Marcus exits bankruptcy $4B lighter
Barclays CEO Jes Staley and Hudson Yards (Getty)

Barclays eyes big move to Hudson Yards

Barclays eyes big move to Hudson Yards
From left: Tishman Speyer CEO Rob Speyer, Fiorello LaGuardia and Robert Moses. Inset: Hiten Samtani and Charles Bagli (Getty Images, Wikipedia Commons)

Tuna fish sandwiches and billion-dollar deals: Charles Bagli on other people’s money and the next life of New York

Tuna fish sandwiches and billion-dollar deals: Charles Bagli on other people’s money and the next life of New York
Jeff Blau and Hudson Yards (Getty, WIkipedia)

Hudson Yards’ EB-5 investors demand arbitration with Related

Hudson Yards’ EB-5 investors demand arbitration with Related
Thomas Keller with Bouchon Bakery and TAK Room in Hudson Yards (Taylor Hill/FilmMagic, Bouchon Bakery by David Escalante via Thomas Keller Restaurant Group; TAK Room by John Lamparski/Getty Images for The Conservatory NYC)

Thomas Keller closing TAK Room, Bouchon Bakery at Hudson Yards

Thomas Keller closing TAK Room, Bouchon Bakery at Hudson Yards
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...