Google Earth aerial showing location of 530-540 Sixth Avenue site (CityRealty)
Twenty-five years ago, who would have thought the western end of 14th Street would be a locus for high-end residential development? Partly thanks to the nearby Google's New York headquarters, the High Line and Chelsea Market, the thoroughfare at the junction of Greenwich Village, Chelsea, and the Meatpacking District has seen more than a dozen new condo buildings in recent years. Now one more is on its way at 540 Sixth Avenue courtesy of Landsea Homes and DNA Development.
Earlier this week, Landsea and DNA announced they have sealed a $97 million loan towards the purchase and development of 530-540 Sixth Avenue. The prime assemblage, located at the northeast corner of 14th Street, is made up of a huddle of four-floor buildings at 536, 538, and 540 Sixth Avenue and 63 West 14th Street. Landsea/DNA acquired the properties from the ever-busy Extell Development for $52.8 million.
Landsea Homes and DNA Development have filed permits to demolish four buildings at the corner of 14th Street and Sixth Avenue (Google Streetview)
Yesterday, just two days after the announcement, the team filed demolition permits for all four buildings. Research from The Real Deal finds that collectively, the site has 63,500 buildable square feet but could accommodate 126,750 square feet of residential space if additional air rights come into play. A recent press release leaves the forthcoming plans vague, and simply says, "The team planning to build a luxury residential building with ground floor retail."
Both developers have been busy in Manhattan in recent years. DNA Development is currently wrapping up a 38-unit condo conversion project at 350 West 71st Street near Riverside Park. Homes in the development are priced from $1.845 million for a two-bedroom and $3.325 million for a three-bedroom.
As we previously covered, Landsea has begun work on a ground-up, 14-floor condominium at 212 West 93rd Street on the Upper West Side. That project is being designed by the popular architecture firm of ODA New York, who coincidentally is behind the design of a forthcoming condo-tower at 101 West 14th Street, directly across from 540 Sixth Avenue.
"Landsea Homes is excited to announce the closing of another major deal in Manhattan, reaffirming our confidence in the New York City market," said Thomas Graham, President of the New York Metro Division at Landsea Homes in a press release. "This is precisely the type of deal we are looking for in New York City and we are pleased to partner with DNA Development, on this prime corner site in an incredible location close to numerous transportation options, parks, retail, restaurants, and cultural institutions."
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