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.