Black House boss pays $62M for Hudson Yards site 

Sean Ludwick, Chinese PE firm to build condo-hotel tower on property

TRD New York /
Jun.June 25, 2014 03:25 PM

Sean Ludwick, managing partner of Black House Development, is set to close today on the $62 million purchase of Hudson Yards-area parcels with 160,000 buildable square feet, The Real Deal has learned. Ludwick plans to construct a 64-story tower on the site.

Ludwick, in partnership with a private Chinese equity firm, has applied for the air rights to a 14,000-square-foot former parking lot at 462-470 11th Avenue and 554 West 38th Street. The city owns an extra 160,000 buildable square feet in air rights, for which the developers would pay as much as $40 million, sources said.

It was reported in April that Ludwick paid $115 million for the site, but sources close to the deal said the purchase price of $62 million does not include air rights.

The proposed tower would include 450 hotel rooms, 50 condominium units and a membership-only dining club called the Shanghai Club. Prices for the condos are expected to range from $6 million to $8 million, sources said.

The site, comprising five adjacent parcels, is vacant. The developers are looking to break ground by March 2015 and wrap construction in 2017, sources said.

The seller is Hank Sopher, owner of the Quik Park garages. He could not be immediately reached for comment.

Lesya Yanush, a broker at Lee Odell Real Estate, is representing the buyers.

Last year, Ludwick secured a deal to borrow over $82 million to finance two new high-end developments, including Soori High Line at 522 West 29th Street, but he is no longer involved with the projects, as previously reported.

In addition to the Related Companies’ behemoth Hudson Yards project, Maddd Equities, Joy Construction, the Bauhouse Group and Frank McCourt are also developing on the Far West Side

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
Related's Stephen Ross and Jeff Blau with Hudson Yards (Getty, iStock, Wikipedia Commons)

EB-5 investors to Related Companies: Open your books

EB-5 investors to Related Companies: Open your books
Lincoln Center, Hudson Yards and Financial District (Wikimedia, iStock)

Bad to worse: Manhattan nabes where home sales fell most

Bad to worse: Manhattan nabes where home sales fell most
Neiman Marcus at Hudson Yards in New York and Neiman Marcus CEO Geoffroy van Raemdonck (Credit: Neiman Marcus by Noam Galai/Getty Images; van Raemdonck by JOE SCHILDHORN/Patrick McMullan via Getty Images )

Party’s over: Neiman Marcus to close its Hudson Yards location

Party’s over: Neiman Marcus to close its Hudson Yards location
Facebook CEO Mark Zuckerberg and Neiman Marcus at Hudson Yards (Getty)

Facebook eyes Neiman Marcus’ Hudson Yards shop

Facebook eyes Neiman Marcus’ Hudson Yards shop
Stephen Ross and Hudson Yards (Getty, iStock)

Related halts payments to Hudson Yards EB-5 investors

Related halts payments to Hudson Yards EB-5 investors
arrow_forward_ios

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

Loading...