As the city’s most conspicuous new public park continues to expand, so do the number of new investors seeking to take a piece of the beloved High Line. Indeed, Sherwood Equities, the New York-based, privately held real estate investment and development company, has acquired 508 West 20th Street, the stalled development site in what a press release called “Manhattan’s ultra-hot High Line district.”
Stalled mid-construction at the same time as the Lehman Brothers collapse of late 2008, the four-story building on the 20,000-square-foot site borders the west side of the High Line at 20th Street and sits directly across from another 100,000-square-foot site that Sherwood acquired last year. Sherwood purchased that site for $7.33 million in an all-cash transaction, but the taking price for the most recent site, with 90 feet of High Line frontage, was not immediately known.
Sherwood Equities represented itself in the transaction, while Yaron Zohar of Zohar Properties and Alan Shmaruk of The Manhattes Group represented the seller, Shalom Azani, brokers said.
“This unique site is one of the few development sites that sits directly on the High Line, and, with our block front site next door, offers us multiple development options,” said Jeffrey Katz, the chief executive of Sherwood, in a statement. He added that possible uses for the buildings include a restaurant or an art galleries.