High Line gets three new developments from LI developer

Lalezarian Properties project to bring 374 units to West 28th and 29th streets

Sep.September 24, 2014 08:00 AM

With Related’s Abington House on one side and the AVA High Line on the other, a trio of new buildings will bring another 374 rentals along West Chelsea’s newly expanded elevated park.

Long Island-based Lalezarian Properties is aiming for an early 2016 completion date for the three rental buildings it is developing between 28th and 29th streets, just west of 10th Avenue.

“It will be all rental apartments and also a retail component,” principal Kevin Lalezarian told The Real Deal. “We’re envisioning a gallery space.”

The firm’s plans include a 35-story tower fronting 10th Avenue and a pair of 13-story buildings facing the side streets. At 374 units, the campus will offer more apartments than the Related Companies’ Abington House to the north (312) and fewer than Avalon Bay’s AVA on the same block (405).

The entrance at 508 West 28th Street sits across a stairway leading to the High Line, which just celebrated the opening of the third section that winds around Related’s Hudson Yards development.

All three buildings will house retail space, including a stretch of land underneath the High Line.

Late last year, Lalezarian closed on $165 million in financing from the state Housing Finance Agency and is participating in the city’s Inclusionary Housing program, setting aside 75 apartments as affordable housing.

The developer has been active on the West Side, picking up a site On 36th Street in Hudson Yards last year after having developed a rental tower on 37th Street.

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