A development site, along with additional air rights, at the corner of 11th Avenue and West 38th Street is set to sell for $115 million, according to Crain's. The site is comprised of five parcels and it's part of the Hudson Yards Special District, which allows for the purchasing of air rights from the city. The buyer is reportedly Sean Ludwick of the residential firm Blackhouse, who is developing another project on West 29th Street. Ludwick is partnering with an Asian equity firm in the deal, and he plans to construct a 700-foot tall, 380,000-square-foot hotel and condo tower.
More than half of the building will be occupied by the hotel, and the top portion, about 115,000 square feet, will hold condos that will be marketed to Chinese buyers. Ludwick will be hiring a Shanghai-based architecture firm to design the new tower. The site is directly across the street from the Javits Convention Center, so it's a solid spot for a hotel. Maybe not the best location for super luxury condos, but in a few years, this side of town will, quite literally, be a whole new neighborhood.
· 700-foot condo/hotel to rise on West 38th Street [Crain's]
· Hudson Yards development site on the block [TRD]
· All Hudson Yards coverage [Curbed]