Hudson Yards: The Sky's No Limit (Part 2)

A huge building boom is gaining steam in Hudson Yards, the neighborhood west of Penn Station where millions of square feet of commercial and residential space are already rising. Everyone right now is buying up parcels in this area.

470 Eleventh Avenue

Black House Development has just acquired a development site at the corner of 11th Avenue and West 38th Street, where it plans to construct a 700-foot tall, 380,000-square-foot hotel and residential tower.

The site is comprised of five parcels and is part of the Hudson Yards Special District, which allows for the purchasing of air rights from the city.

The developer purchased the site at 470 Eleventh Avenue - presently a parking lot - for $115 million.

The building will sit directly across the street from the newly-renovated Javits Convention Center, making the new tower's hotel one of the closest to the convention facility.

More than half of the building will be occupied by the hotel, and the top portion, about 115,000 square feet, will hold condos that will be marketed to Chinese buyers.

In recent years, Black House has found considerable success catering to the influx of foreigners looking to acquire homes in the city.

At the Soori High Line for instance, an ultra-luxury condo building which the firm is currently building on West 29th Street, they hired an architect from Singapore and is marketing the apartments to buyers from that country.

For this new - and biggest - project, Black House is planning again to use an architect from the nation whose citizens they hope will buy their condos. In this case, a Shanghai-based architecture firm will design the new tower.
 

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Since October 1, 2011