A private New Jersey-based developer paid $26.25 million for two lots on West 37th Street, the latest move by builders to seize opportunity on the far West Side.
Brokered by Eastern Consolidated, the developer plans to take the parking lot and a vacant building on the two lots, located at 433-439 West 37th Street and 430 West 38th Street just west of Ninth Avenue, and replace them with an 86,000-square-foot residential building.
Brokers Eric Anton and Ronald Solarz represented the buyer and David Schechtman, Alan Miller, Ronda Rogovin, and David Johnson represented the seller.
With the city pushing the Hudson Yards area as Manhattan’s last major development frontier, the neighborhood in and around the yards has seen furious activity among the city’s biggest developers. (The yards run along 11th Avenue between 30th and 33rd streets.)
“They’re not making any more land, so I just see developers continuing to get more aggressive for the sites in the Hudson Yards,” said Mr. Johnson, a director at Eastern Consolidated who represented the sellers.
A spokeswoman for Eastern Consolidated wouldn’t reveal the buyer, but she described it as someone with Jersey roots and a Manhattan development history.
The apartment building-to-be is sure to have neighbors: Just next door, the Dermot Company is planning an 809-unit giant, decking over the less-than-scenic Lincoln Tunnel entrance ramp to make space for it. And at 435 West 37th Street, the development company Rockrose is planning an apartment tower of more than 350 units, according to city records.
Rockrose, run by the brothers Fred, Tom and Henry Elghanayan, has been especially active in the area recently, as last month it bought a lot at 476-490 11th Avenue for $83.4 million and a four-story commercial building, 677 11th Avenue, for $10 million, as The Observer reported.