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

Latest collaboration between two firms lands them property near High Line

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

arrow_forward_ios
President Joe Biden (Getty, iStock)
What Biden’s first 100 days meant for real estate
What Biden’s first 100 days meant for real estate
Stonehenge CEO Ofer Yardeni and 920 Park Avenue (Google Maps, Stonehenge)
Stonehenge Partners buys $135M UES rental building
Stonehenge Partners buys $135M UES rental building
Boston Properties CEO Owen Thomas (iStock, Thomas by Axel Dupeux)
Boston Properties to launch $2B joint venture
Boston Properties to launch $2B joint venture
Cherre CEO L.D. Salmanson (Cherre/Facebook)
Real estate data firm Cherre raises $50M
Real estate data firm Cherre raises $50M
Doctors and medical professionals have remained on time with their rent payments in the past year (iStock)
Medical offices are just what the doctor ordered for landlords
Medical offices are just what the doctor ordered for landlords
Cerberus Global Investments President Lee Millstein
Cerberus raises nearly $3B for new real estate fund
Cerberus raises nearly $3B for new real estate fund
Zigg Capital's Dave Eisenberg and Ryan Orley (Zigg, iStock)
Zigg Capital nabs $225M to invest in proptech startups
Zigg Capital nabs $225M to invest in proptech startups
NFT-based game The Sandbox is allegedly worth $37 million. (Getty, The Sandbox)
Digital “land” in video games attracts NFT investors
Digital “land” in video games attracts NFT 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...