Lalezarian Properties has paid $21.25 million for a commercial loft building in the Hudson Yards Special District, with plans to erect a residential rental development on the site, the New York Observer reported.
The Lake Success, N.Y.-based company intends to raze the existing six-story, 37,929-square-foot structure at 511-515 West 36th Street and build on that lot, as well as adjacent parcels it already owns at 519 and 525 West 36th Street.
The site can accommodate up to 96,000 square feet of residential development, plus ground floor retail, if the developer pays into a special city district improvement fund. Since the city is creating a street at the location, it will ultimately sit on a corner lot.
The seller was National Acoustics, an office build-out firm that is moving its operations to Long Island City.
Eastern Consolidated’s Nancy Tran represented the seller, while her colleague at the firm, Azita Aghravi, procured the buyer.
“The site is tremendously valuable because of its Hudson Yards location, now an extremely sought-after, rapidly gentrifying Manhattan submarket due to all the new development underway in the area,” Tran said in a release. “When my client first purchased the property, the area was virtually a ‘no man’s land.’” [NYO] –Leigh Kamping-Carder