UPDATED, Nov. 29, 4:12 p.m.: Jeff Levine’s Douglaston Development is close to signing a 99-year ground lease for a development site at 601 West 29th Street, sources told The Real Deal.
The company recently filed plans for a 601-foot-tall, 931-unit apartment tower designed by FXCollaborative. The lot, which sits on the corner of 11th Avenue near the High Line, spans just under 62,000 square feet, according to property records. The deal is valued at $129.7 million, public records indicate.
Newmark Knight Frank’s James Kuhn, David Noonan and Jennifer Schwartzman brokered the lease. They could not be reached for comment. Douglaston declined to comment.
The 739,000-square-foot project will include 9,000 square feet of commercial space.
The lessor, a family owner, also owns the land under Douglaston’s nearby rental tower OHM at 312 11th Avenue and the land under AvalonBay’s AVA rental tower at 525 West 28th Street, property records show.
Politico first reported on Douglaston’s development plans, which also include a planned 32-story tower at neighboring 606 West 30th Street, in April 2017. At the time, the company was looking to buy more than 150,000 square feet of air rights from the Hudson River Park Trust.
In August, Douglaston refinanced its Williamsburg rental tower 2 North Sixth Street with a $380 million loan from Natixis.
Update: This story was updated after the ground lease was signed and recorded in property records on Nov. 29 to include the value of the deal at $129.7 million.