American Development Group, LLC, along with Langsam Property Services Corp., have closed on the land acquisition of 219 West 28th Street.
The property, a vacant lot and an existing structure valued at $42 million, according to a spokeswoman, was acquired for $38 million. The total valuation of the project will be $150 million, added the spokeswoman.
219 West 28th Street will be a new construction development project featuring a 116,000 s/f residential tower with 150 rental units, ground floor retail space and an underground automated garage from AutoMotion Parking Systems, LLC.
Developed as a part of the City’s new inclusionary housing program, the project will include 80% market rate and 20% middle income rental units. The project is slated to commence construction in June 2013.
“Due to the favorable zoning and inclusionary component of the site, this acquisition represents another outlet for ADG Langsam to create a successful high end project in a fantastic location,” said Perry Finkelman, CEO of American Development Group, LLC.
“The unique zoning of the property allowed us to extract the highest value, as well as allow a creative approach to affordability of both middle income and market rate units.”
The seller, a long term owner/operator, was represented by Buchbinder and Warren Realty LLC. The buyer was represented by Edmond Levy of Cornerstone Properties, Richard Sussman from the law offices of Rosenberg and Estis, and David Cohen from the law offices of Moritt, Hock and Hameroff.