Jeffrey Levine’s Douglaston Development has signed a contract to lease a massive lot right by Hudson Yards in hopes of constructing a high-rise rental building there.
The developer‘s plan, however, hinges on an upzoning from the city, which would allow him to build taller than current laws allow, according to the New York Daily News.
One family has owned the land at 29th Street and 11th Avenue for more than a century. The lot is 62,000 square feet and currently holds a gas station, a gallery and several brick buildings. A number of developers have reportedly been eyeing the land, which is close to Related Companies’ Hudson Yards.
Levine also owns a 34-story rental tower at 312 11th Avenue.
Douglaston would lease the site for 99 years, while the longtime owners would keep ownership of the land. Similar deals in the area go for $300 per buildable square foot, the newspaper reported. [NYDN] — Claire Moses