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Old Posted Apr 4, 2012, 1:44 PM
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Development Thrives in the Hudson Rail Yards

April 3, 2012

...not every developer is ready to begin building. Sherwood Equities, for example, recently bought its third parcel in the neighborhood, but is sitting tight for now.

“I think the economy needs to get a bit more traction before we start building on the sites,” said Jeffrey Katz, the chief executive of Sherwood Equities, “maybe another year or so, but it is hard to predict an exact time frame.”

Sherwood paid $43.5 million for 360 10th Avenue, a vacant lot at the third section of the High Line that can be developed into nearly 400,000 square feet of commercial and 200,000 square feet of residential space. It also owns a superblock on the west side of 10th Avenue between 34th and 35th Street that can be developed into 2.5 million square feet of commercial space; and a parcel on the east side of 10th Avenue between 35th and 36th street that can be converted into a 200-unit apartment building, Mr. Katz said.

Still, while it may be premature to begin construction, Mr. Katz said competition for good sites in the area was keen, with any parcel coming up for sale attracting a number of bidders. He said he went into contract and closed on 360 10th in fewer than 10 days. And according to Massey Knakal, which represented the seller on the deal, the sale was the largest development site sold last year in New York City.

NEW YORK heals.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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