The Real Deal New York

Lalezarian eyes big score following Hudson Square rezoning

Charlton Street rental buildings listed for $50M -- four years after $4M buy
By Mark Maurer | October 21, 2014 01:16PM

Lalezarian Properties is looking to reap a windfall on a pair of four-story Hudson Square rental buildings.

The Long Island-based developer put 100-102 Charlton Street on the market for a combined $50 million earlier this month – roughly four years after paying a mere $4 million for them. The Hudson Square rezoning last year paved the way for larger development in the area.

Collectively, the properties span more than 13,000 square feet and offer 60,000 buildable square feet. The buildings contain a total of 32 apartments — a mix of market-rate and rent-controlled units.

NGKF Capital Markets‘ David Noonan and Jennifer Schwartzman are marketing the site as a condominium project that would rise as high as 21 stories.

The new owner could demolish one of the buildings and have one structure cantilever over the smaller one, Noonan told The Real Deal. Lalezarian commissioned a design consultant to prepare renderings depicting that approach, Noonan said. Kevin Lalezarian, principal at the namesake firm, could not be immediately reached for comment.

Lalezarian, headquartered in Lake Success, N.Y., is developing three rental properties between 28th and 29th streets, just west of 10th Avenue, as TRD reported in September.

Elsewhere on Charlton Street, Gary Barnett’s Extell Development is planning to construct a 22-story rental building at 68 Charlton Street, giving the neighborhood its first affordable housing.