JDS lines up $390M for East Side luxury towers

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

TRD 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
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
Michael Stern sued by former investor in Miami mixed-use tower

Michael Stern sued by former investor in Miami mixed-use tower

Michael Stern sued by former investor in Miami mixed-use tower
Michael Stern is moving forward with massive Miami tower project

Michael Stern is moving forward with massive Miami tower project

Michael Stern is moving forward with massive Miami tower project
Clockwise from the bottom: Judge Arthur Engoron, JDS Development’s Michael Stern, L&M’s Ron Moelis, Josh Siegel of Starrett with a rendering of Two Bridges (Credit: Twitter and Curbed NY)

Judge deals another blow to Two Bridges towers

Judge deals another blow to Two Bridges towers
A rendering of Empire Station with Governor Andrew Cuomo and JDS Development's Michael Stern (Credit: Getty Images, JDS)

Recycled ideas? Penn Station plan similar to JDS 2016 proposal

Recycled ideas? Penn Station plan similar to JDS 2016 proposal
arrow_forward_ios

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

Loading...