JDS lines up $390M for East Side luxury towers

Developer Sheldon Solow rezoned property, then sold it to Michael Stern for $175M last year

New York /
Jul.July 02, 2014 12:00 PM

Two luxury rental apartment towers are coming to an East Side lot formerly owned by ConEdison.

JDS Development Group secured $390 million in financing last month from Cornerstone Real Estate Advisors LLC, a division of Massachusetts Mutual Life Insurance Co. The developer is now continuing the construction of the two SHoP Architects-designed towers at 626 First Avenue.

“Basically, we want to build the highest-end rental the city has ever seen,” JDS managing partner Michael Stern told the Wall Street Journal. Rents in the 800 units are expected to be more than $80 per square foot.

Stern also told the Journal that the foundation for the towers is almost complete and that it’s almost time for vertical construction.

In 2005, developer Sheldon Solow bought the site — as well as a larger one a few blocks north — from ConEd. The sites were rezoned in 2008 to allow for the residential towers. Solow sold the smaller site to Stern in 2013 for $175 million. [WSJ, 4th] — Claire Moses 


Related Articles

arrow_forward_ios
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
Michael Stern’s Walker Tower condo among 38 luxury contracts inked last week. (Compass)
Manhattan’s luxury market sees best week since 2016
Manhattan’s luxury market sees best week since 2016
JDS Development's Michael Stern and 111 West 57th Street (JDS)
JDS sues 111 West 57th contractor, insurer over shoddy work and “blunderbuss requests”
JDS sues 111 West 57th contractor, insurer over shoddy work and “blunderbuss requests”
Michael Stern and a rendering of the project (Getty, JDS Development/SHoP Archictects)
Michael Stern pays $24M for future site of 62-story Brickell tower
Michael Stern pays $24M for future site of 62-story Brickell tower
111 West 57th Street and 20 East 78th Street (JDS, Google Maps)
Manhattan luxury contracts hit 12-week pandemic high
Manhattan luxury contracts hit 12-week pandemic high
111 West 57th Street and Michael Stern of JDS Development
111 West 57th sees two $30M+ sales in midst of shutdown
111 West 57th sees two $30M+ sales in midst of shutdown
WATCH: JDS’ Stern and SHoP’s Pasquarelli on shaping the skyline
WATCH: JDS’ Stern and SHoP’s Pasquarelli on shaping the skyline
WATCH: JDS’ Stern and SHoP’s Pasquarelli on shaping the skyline
JDS Development Group's Michael Stern
5 things to know about supertall condo developer Michael Stern
5 things to know about supertall condo developer Michael Stern
arrow_forward_ios

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

Loading...