Michael Stern eyes record-setting West Side buy

West 24th Street parcel could go for $800 per square foot

New York /
May.May 15, 2014 03:25 PM

UPDATED, 4:02 p.m., May 15: Developer Michael Stern is reportedly eyeing a parcel on Manhattan’s West Side that could set a record if it goes for the predicted $800 per square foot.

The head of JDS Development Group is looking to buy 510-514 West 24th Street, between Tenth and Eleventh avenues, in a joint venture with Largo Investments. Located beside Cary Tamarkin’s 10-story condominium building at 508 West 24th Street, the parcel could go for as much as $32 million, according to Crain’s.

News of the possible purchase comes as Related is currently mulling the purchase of another two sites nearby for $200 million — or $700 per build able square foot. Both sites are parking lots at the moment.

Stern, meanwhile, is currently constructing a two-tower residential property at East 35th Street along the East River, as well as a 1,350-square-foot tower at 111 West 57th Street. [Crain’s] Julie Strickland


Related Articles

arrow_forward_ios
American Copper Buildings at 626 First Avenue (SHoP Architect)
Black Spruce snaps up American Copper Buildings for $850M
Black Spruce snaps up American Copper Buildings for $850M
Joe Chetrit and a rendering of the Two Bridges project (SHoP Architects)
Joe Chetrit buying Two Bridges site
Joe Chetrit buying Two Bridges site
Ron Moelis, CFO and Founding Partner at L+M, and David Thompson, CFO and Principal at CIM, with the Two Bridges project (L+M, CIM, SHoP Architects)
CIM Group, L+M Development file plans for 1.3M sf Two Bridges tower
CIM Group, L+M Development file plans for 1.3M sf Two Bridges tower
JDS founder Michael Stern and US Crane & Rigging LLC Owner Thomas Auringer with the complaint and 111 W. 57th Street (Supreme Court of New York, 111 W 57, Facebook via Auringer)
Michael Stern’s JDS sues crane company at 111 West 57th Street for $50M
Michael Stern’s JDS sues crane company at 111 West 57th Street for $50M
Construction worker accuses JDS Development of discrimination
Construction worker accuses JDS Development of discrimination
Construction worker accuses JDS Development of discrimination
Michael Stern of JDS Development
Michael Stern forms $200M SPAC with former Citadel analysts
Michael Stern forms $200M SPAC with former Citadel analysts
JDS Development's Michael Stern and 613 Baltic Street (JDS, VOA Architecture)
Michael Stern-owned condo project files for Chapter 11 bankruptcy
Michael Stern-owned condo project files for Chapter 11 bankruptcy
A Columbus Circle apartment once owned by Tom Brady and Gisele Bundchen  went into contract last week, helping the Manhattan luxury home market finish February on a high note. 551 West 21st Street on the right. (Photos via Compass, Getty, Foster and Partners)
Manhattan luxury market has best month in six years
Manhattan luxury market has best month in six years
arrow_forward_ios

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

Loading...