CBSK Ironstate plans to purchase 646 11th Avenue on Manhattan’s Far West side for $93 million, with plans to redevelop the property into a residential condominium.
The company — a partnership between Ironstate Development, CB Developers and SK Development Group — is planning a 12-story, 225-unit condo project at the site between 47th and 48th streets, which is currently home to a Lexus dealership, according to Ironstate co-owner Michael Barry. They are under contract for the property for just over $93 million and expect to close on the deal in February, Barry said. They would start construction on the condo development shortly after closing.
The Lexus dealership would be part of the new project as well, as CBSK Ironstate plans to build out the ground floor and basement space and sell it back to Lexus.
The site is now owned by the New Jersey-based Bram Auto Group, which purchased it in 2011 for $27.75 million, according to property records.
CBSK Ironstate also has condo projects at 21-30 44th Drive in Long Island City, for which they secured an $83 million financing package for this fall, and a 74-unit development at 591 Third Avenue in Murray Hill, which received approval from the state at the beginning of the year. The company just received an $84 million bridge loan from Ladder Capital for the Pod Hotel in Williamsburg as well.