Hudson Yards pad resells for 22% premium

Early resale at 15 Hudson Yards racks up tidy profit for William Dalessandro

New York /
Jan.January 07, 2020 05:20 PM
15 Hudson Yards (Credit: StreetEasy)

15 Hudson Yards (Credit: StreetEasy)

Hudson Yards is paying off for one early investor.

An entity linked to William Dalessandro snapped up $61 million worth of condos at 15 Hudson Yards in September and now he’s sold one for a tidy profit, public records show.

Dalessandro bought the 2,335 square-foot unit on the 80th floor for $8.712 million, or about $3,731 per square foot. Within months he sold it to Na Li for $10.6 million, or about $4,540 per square foot, for a roughly 22 percent gain. The sale closed Dec. 20, 2019, and was recorded last Friday.

The three-bedroom condo is on the 80th floor and faces south and east with floor-to-ceiling glass windows. Sources close to the transaction said the property wasn’t formally listed and that Li was “willing to pay a premium.” Property records show Li also owns a home in Boston.

The Hudson Yards transaction is one of the first resales at Related Companies’ 88-story luxury tower. Most new developments require buyers to hold properties for at least a year before reselling, but, according to sources, Dalessandro struck that from his contract.

The deal is good news for Dalessandro, who owns at least six other apartments in the building, given the oversupply of new development and soft luxury market. Last quarter, the number of Manhattan homes that traded for more than $5 million plunged nearly 40 percent.

The investor’s bulk buy of Hudson Yards condos appeared to be a swap: It followed a ground lease at 503 West 33rd Street for which Related and Oxford Properties paid $61 million to Dalessandro. The developers needed the parcel to build 50 Hudson Yards, the 58-story office tower that counts Facebook among its future tenants and is costing about $3.8 billion, making it the city’s priciest office project.

Related worked out a similar arrangement with Ponte Equities at 70 Vestry Street in Tribeca.

Dalessandro and Related did not respond to requests for comment. Li was represented by Compass broker Kevin Sneddon and attorney Lynn Jiang of MT Law. They both declined to comment. 

Douglas Elliman agents Ann Cutbill and Dennis Mangone represented Dalessandro and were not available for comment. Related and Corcoran Sunshine Marketing Group is handling marketing and sales at the tower.

Correction: An earlier version of this article incorrectly identified the buyer as retired tennis pro Li Na. The condo’s deed lists the buyer as Na Li and, after the story was published, sources previously unavailable for comment conveyed that she was a different person. 

Write to Erin Hudson at [email protected]


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
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
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
Brookfield Properties’ Brian Kingston with Two Manhattan West (Brookfield Properties, Getty)
Hedge fund finds 283K sf at Two Manhattan West
Hedge fund finds 283K sf at Two Manhattan West
Jeremy Strong as Kendall Roy in Succession with 35 Hudson Yards, PH90 (Corcoran, Macall B. Polay/HBO, Getty)
Penthouse atop 35 Hudson Yards sells for 41% discount
Penthouse atop 35 Hudson Yards sells for 41% discount
From left: A photo illustration of Steve Wynn and Stephen Ross along with Hudson Yards (Getty Images, Related Companies, Wynn Resorts)
Related rolls the dice with Hudson Yards casino bid
Related rolls the dice with Hudson Yards casino bid
Related Companies' Stephen Ross and 50 Hudson Yards (Related Companies, 50 Hudson Yards)
Bank takes 100K sf at Related’s 50 Hudson Yards
Bank takes 100K sf at Related’s 50 Hudson Yards
Related's Stephen Ross and Sugar Hill Capital's Margaret Grossman with One Prospect Park West and The Cortland (Related Companies, LinkedIn, One Prospect Park West)
New development deals roar back to life in August
New development deals roar back to life in August
arrow_forward_ios

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

Loading...