JDS and Largo buy West Chelsea lot for nearly $35M

Latest collaboration between two firms lands them property near High Line

TRD New York /
Jul.July 15, 2014 03:40 PM

Michael Stern’s JDS Development Group, together with Largo Investments, bought a West Chelsea parcel for $34.75 million, The Real Deal has learned.

The location at 510-514 West 24th Street, close to the High Line and located next to Cary Tamarkin’s 10-story condominium building at 508 West 24th Street, allows for about 50,000 square feet of new development. This works out to just under $700 per buildable square foot.

In May, Stern reportedly scoped out the site on 24th Street between Tenth and Eleventh avenues. The deal closed last week.

Ivan Hakimian and Kevin Esh of HPNY were involved with the deal, which was done off-market.

The seller is HDA Corporation LLC, which is family owned, according to a spokesperson for JDS. The family, whose members are spread out across the country, owned the property for more than 30 years, Hakimian said.

In a statement, Stern said he will be looking to develop the site in a manner that contributes to the quickly changing neighborhood’s character, but declined to comment further at this stage of the project.

JDS and Brooklyn-based Largo Investments, which could not immediately provide a spokesman for comment, have worked together in the past. They own 626 First Avenue on Manhattan’s Midtown East. In 2013, the two firms sold a building at 50 North 1st Street, a 46-unit luxury rental building in Williamsburg, for $33.8 million. JDS and Largo bought that property for $10.49 million in 2011.

Related Articles

From left: 305 East 47th Street and 286 River Avenue (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Clockwise from top left: 2-34 Beach 102nd Street in Far Rockaway, 175 Canal Street West in Mott Haven, 102 Fulton Street, and 71 Smith Street in Boerum Hill (Credit: Google Maps and StreetEasy)

Here’s what the $10M-$30M NYC investment sales market looked like last week

145-65 Wolcott Street in Brooklyn, 3428 Park Avenue in the Bronx and 20 East 35th Street (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Vornado president Michael Franco and 512 West 22nd Street (Credit: VNO)

WarnerMedia to anchor Vornado’s West Chelsea spec office

111 West 57th Street (Credit: iStock)

Another legal door closes for jilted investor at 111 West 57th Street

Supreme Court Judge rules against LES development

Two Bridges developers plan to contest judge’s ruling against plans for LES mega development

Fire, flood and profit: Real estate investors are chasing crises

JDS Development's Michael Stern and a rendering of Two Bridges (Credit: Rendering by Handel Architects via Curbed NY)

Court decision throws JDS’ controversial Two Bridges development into jeopardy