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T&E Development buys Hudson Yards-area condo site for $33.5M
The 9,875-square-foot property trades at about $452 per buildable square foot, and plans call for 76 luxury condos.
T&E Development has acquired a vacant condo development site near Manhattan’s Hudson Yards for $33.5 million, according to ConnectCRE.
The seller was PPHE Hotel Group, and the deal for the 9,875-square-foot lot at 538-542 West 29th Street was arranged by Colliers’ New York Capital Markets team. The site includes 74,063 square feet of as-of-right zoning floor area and sold for about $452 per buildable square foot.
Colliers said T&E Development plans to build 76 luxury condos on the property, which sits on the south side of West 29th Street between Tenth and Eleventh Avenues, just north of the West Chelsea Historic District.
ConnectCRE also cited Colliers commentary that cost and rate volatility has pushed new NYC projects toward higher-priced buyers, leaving a $2,000 to $2,700 per-foot segment underserved. Colliers noted the area is one of the few remaining unconstrained development sites in the submarket.