Billionaire developer Sheldon Solow has sold off a full-block piece of land overlooking the East River for about $200 million.
The buyer was a consortium led by JDS Development Group, according to the Wall Street Journal. JDS plans to build on the residential-zoned parcel two towers rising 37 stories and 47 stories, for a total of more than 830 units. The transaction, one of the biggest land deals in recent history, was financed mostly by a $125 million UBS loan. Studley Inc.’s Woody Heller brokered the deal on the seller side.
Solow, 84, has a net worth of about $3.5 billion and was No. 113 on the Forbes 400 Richest Americans list for 2012. He bought the East River-adjacent parcel along with a larger lot from Con Edison for $630 million in 2005.
JDS’s high-profile projects include Art Deco beauty Walker Tower Condos in Chelsea, 435 West 50th Street in Hell’s Kitchen and skinny luxury tower 107 West 57th Street in Midtown.