Neighbor to Kuafu’s troubled Hudson Yards site asking $65M

Parking lots at 456 and 460 11th Ave. hold nearly 75,000 buildable sf

New York /
Mar.March 03, 2015 03:50 PM

UPDATED, March 4, 11:26 a.m.: The owner of a small Hudson Yards parking lot next to the development site owned by battling partners Kuafu Properties, Siras Development and Blackhouse Development is looking to sell the properties, with one team of brokers asking a price that works out to almost $900 per square foot.

The two addresses, 456 And 460 11th Avenue, sit across the northern end of the Jacob Javits Center and hold roughly 74,000 buildable square feet, a figure that can be boosted as high as 162,000 square feet by purchasing Hudson Yards building bonuses.

“It’s time to sell,” said owner Isaac Zubli of U and I Realty Corp., which has owned the lots for more than 30 years. Zubli said he has not signed a contract with any brokerage, but is fielding offers.

One team of brokers is actively marketing the property. Leon Ye and Will Fang of the firm Gotham Advantage, a little-known company that appears to cater to Chinese buyers, had a listing for the site in collaboration with lead firm Unlimited Homes Realty.

Gotham Advantage’s site had posted an asking price of $65 million, but the listing has since been removed and the brokers said the figure is no longer accurate, but declined to name a new asking price.

The $65 million asking price, however, covers just the land. Buying the extra 88,000 square feet the site is eligible for could cost somewhere another $16 million, according to a calculation by The Real Deal based on prices developers nearby are paying.

The corner site, currently operated as a small parking lot, fills out the rest of the block fronting 11th Avenue between 37th and 38th Streets next to a site where plans for a 47-story hotel and condominium dubbed Hudson Rise now seem in jeopardy.

Late last week, Kuafu, a New York-based Chinese development firm,  filed a petition in state court claiming it had hit a deadlock with its partners, Sean Ludwick’s Blackhouse and Siras Development, a company founded by Ludwick’s former partners Saif Sumaida and Ashwin Verma.

Earlier this year Kuafu applied to buy approximately 170,000 square feet of Hudson Yards bonuses for $31.6 million, or roughly $186 per buildable foot.

Across 37th Street from Zubli’s properties, developer David Marx is taking a second crack at a hotel project that went belly up in the recession.

Clarification: This post was updated to note a change in the listing and clarify the roles of the different brokerages involved.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
The Observation Deck at Hudson Yards (Credit: Adam Pogoff)
Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere
Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere
Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images and Wikipedia)
Facebook close to finalizing Hudson Yards office deal: report
Facebook close to finalizing Hudson Yards office deal: report
Peebles, Witkoff plan Hudson Yards supertall
Peebles, Witkoff plan Hudson Yards supertall
Peebles, Witkoff plan Hudson Yards supertall
Cove Property Group's Kevin Hoo and 441 Ninth Avenue (Cove Property Group)
Developer seeks $1B+ for West Side tower Hudson Commons
Developer seeks $1B+ for West Side tower Hudson Commons
The attraction is now closed and the developer is conducting an investigation. (Getty)
Hudson Yards Vessel closed again after fourth death
Hudson Yards Vessel closed again after fourth death
The tenants who won the affordable housing lottery at 15 Hudson Yards say the units are in an “entirely separate part of the building and with a different address.” (Hudson Yards, District Court of New York)
Lawsuit claims 15 Hudson Yards discriminates with “poor doors”
Lawsuit claims 15 Hudson Yards discriminates with “poor doors”
Joseph Tabak, 530 West 30th Street and Related's Stephen Ross (Getty, Related)
Related sues Joseph Tabak for skipping rent in Hudson Yards
Related sues Joseph Tabak for skipping rent in Hudson Yards
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...