New Plans for One of Hudson Yards’ Last Big Dev Sites

Plans were filed last week for a residential tower on one of Hudson Yards’ last major development sites. One question remains: who’s building it?

Prospect Development Group’s Konstantin Gubareff filed plans for a 34-story, 450-unit building at 460 Tenth Avenue, Crain’s reported. The plans on the 2,500-square-foot development site call for a building with 232,000 square feet of residential space and 17,000 square feet of commercial space.

The filings also detail a 40-car garage in the basement, lounges and terraces on the highest floors and a design coming from Fogarty Finger.

Yet the connection to Gubareff is nebulous, at best. His firm doesn’t own the site — that distinction belongs to Jeffrey Katz’s Sherwood Equities.

In the fall, Sherwood listed the development site for sale, which it bought in the early 1990s in anticipation of a West Side rezoning. The firm was reportedly aiming for a price tag north of $100 million, sources told The Real Deal.

So why did Gubareff file the latest plans for the site? He declined to comment to Crain’s, while Sherwood did not respond to a request for comment.

Prior to the latest Department of Buildings filing, Sherwood put together plans with Corcoran Sunshine’s new development team and the architecture firm Perkins Eastman for a 42-story, 233-unit tower with a mix of studios and one-, two- and three-bedroom apartments. The developer assembled 60,000 square feet of inclusionary housing certificates, which allow all of the residential square footage to be market rate for either condominium or rental.

Just last month, a Sherwood executive applied to the Department of City Planning for a certification that would permit the firm to supersize the project by nearly 70,000 square feet.

The site, which takes up the entire western side of 10th Avenue between West 35th and West 36th streets, is zoned for roughly 250,000 square feet of development rights.

The site is across the street from Related Companies’ 451 10th Avenue, a 44-story building that includes 272 rental apartments as well as 132 units of senior housing.

A few blocks north, meanwhile, Rockrose launched leasing last year at its 599-unit Lyra apartment building at 555 West 38th Street.

— Holden Walter-Warner