JDS buys majority interest in Starwood project, plans residential tower
May 18, 2012 05:30PM
By Katherine Clarke
Starwood Capital's Barry Sternlicht
JDS Development Group, the company behind the recent conversion of the Ralph Walker-designed Verizon building on West 18th Street, has purchased a majority interest in a development site formerly owned by Starwood Capital at 105 West 57th Street for $40 million, the company told The Real Deal today.
The firm is planning to break ground on a new 100,000-square-foot, mixed-use retail and luxury residential project in the spring or early summer, a spokesperson for JDS said. The project, which will rise to over 50 stories between Sixth and Seventh avenues, will feature condominium units as well as a significant retail component, the spokesperson said.
Barry Sternlich’s Starwood Capital Group, which purchased the property in 2007 for $52 million, will stay on as a minority partner to develop the vacant site.
The development is slated for completion in 2014.
JDS declined to comment further on the details of the deal or the plans for the site. Starwood did not immediately respond to a request for comment.
The site, which was previously occupied by the Ritz Fur Shop, was formerly owned by Investcorp and Ceebraid-Signal. Pre-recession, the partnership had announced plans to build a 35-story tower with 37 residential units, three lower floors of office space and ground floor and basement retail space. Those plans never materialized.