"The neighborhood is changing so quickly, and there's really no supply, said Avdoo."
"When you look at people who want to live Downtown, who want to live in Soho, want to live in the West Village, they don't have many options, Avdoo said."
"Because of the limited development options in the area, Avdoo said securing the site was one of the most competitive processes he's seen."
Shlomi Avdoo's firm purchased a 12,500-square-foot lot at King and Varick streets in Hudson Square for $63 million, financed with a $40 million loan from Valley National Bank. The site carries over 125,000 square feet of development rights, and Avdoo plans to pursue additional floor area via air-rights deals and a transit-related bonus tied to infrastructure improvements. The developer aims to build high-end residential totaling more than 200,000 square feet depending on secured additional rights. Hudson Square has limited supply and growing demand from affluent downtown buyers, driven by nearby corporate arrivals like Google and Disney and recent ultra-luxury projects.
Read at therealdeal.com
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