In one of the largest land deals in years. Sheldon Solow has reached an agreement with a consortium led by JDS Development Group to sell a parcel of land overlooking the East River for roughly $200 million, the Wall Street Journal reported.
The full-block piece of land is zoned for residential use, and sources told the Journal that JDS intends to build a 37-story tower and a 47-story tower on the site, with a total of more than 830 units. The deal is being financed primarily by a $125 million loan from UBS.
Woody Heller, a broker at Studley Inc., brokered the deal on Solow’s behalf but declined to comment to the Journal. The sale represents an unusual turn for Solow, who is renowned for holding on to development sites. The parcel being sold is the smaller of two plots totaling nine acres that Solow bought in 2005 from Con Edison for $630 million.
The reclusive billionaire, who jumped to No. 111 on Forbes’ list of richest Americans in 2012, has recently been in the news for numerous legal tussles. Earlier this month, the appellate court dismissed a securities fraud suit Solow brought against Citibank.
JDS’s recent deals include a luxury condominium project in Hell’s Kitchen in partnership with Property Markets Group. Michael Stern, the 34-year-old founder of JDS, was recently profiled by The Real Deal. [WSJ, 1st item] –Hiten Samtani