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Old Posted Aug 16, 2012, 1:48 AM
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Rockrose acquires Hudson Yards development site
Developer weighs plans for Far West Side block

August 15, 2012
By Katherine Clarke

Rockrose Development has purchased a 19,475-square-foot commercial development site near Hudson Yards, bringing to completion a decade-long plan to acquire an entire block on the Far West Side.

The acquisition of the site, at 528-534 West 39th Street, paves the way for a residential development totaling 528 units as well as an additional 1 million square feet of commercial development, Rockrose President Justin Elghanayan told The Real Deal following the closing today. The lot, formerly owned by Mercedes Benz and close to the Jacob K. Javits Convention Center, is located between West 38th and West 39th streets and between 10th and 11th avenues. The combined land area Rockrose has accumulated at the site totals 73,793 square feet, with total available development rights of 1.4 million square feet. Rockrose has been piecing together the site since 2001.

Laginestra declined to comment on the selling price but said that he was especially proud of the deal, given the visibility of the site. “[The deal] allows for the creation of a building that will frame the entrance to the Lincoln Tunnel in classic New York skyscraper fashion,” he said. Elghanayan said the firm is currently evaluating its options for the site, which will likely include both a residential and a commercial component. The commercial component could be a convention center hotel. Such hotels typically include a large meeting space or ballroom, which would be easily facilitated in this instance by the site’s 74,000-square-foot floor plate. However, it’s likely that the residential component of the site would come first, Elghanayan said.

As well as the 7 Subway line, the project may also benefit from its proximity to Hudson Yards Boulevard Park, the first phase of which is already under construction between 33rd and 36th streets, Elghanayan noted.
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