The Real Deal New York

Landsea plans 12-story luxury building in Flatiron District

Project will house 50 resi units
By Mary Diduch | February 19, 2019 12:30PM

Landsea Homes CEO John Ho and 530 Sixth Avenue (Credit: LinkedIn and Google Maps)

Landsea Homes is furthering its residential play in the city, this time with a 12-story mixed-use project in the Flatiron District.

The project would span about 63,400 square feet and include about 6,200 square feet of retail space on the first floor, according to the application with the city’s building department. There also would be 50 residential units, and the 12th-floor residences would have private terraces.

Morris Adjmi Architects is designing the project, which is expected to house luxury residences.

Landsea, a China-based homebuilder, and DNA Development, which acquired the site with Landsea in a deal in the fall, did not immediately return requests for comment.

Extell Development sold the site, comprised for four, four-story buildings, for about $53 million to the partners after buying them in 2016 for $50 million from the Duell family.

Mack Real Estate Group funded Landsea and DNA’s acquisition with a $97 million senior and mezzanine loan.

Landsea, which in 2014 announced it would invest $1 billion in the U.S. housing market, is in the midst of constructing its first condominium in the city, a 14-story luxury property at 212 West 93rd Street in the Upper West Side. Its partner in the venture is Leyton Properties.

One of its first U.S. projects was a luxury condo in Weehawken, New Jersey.