New York City developer Jeffrey Levine’s Douglaston Development is planning on adding another skyscraper to Manhattan’s Hudson Yards development. Douglaston has contracted to lease a lot next to Hudson Yards for a new rental apartment tower.
The site, a 62, 000 square foot L-shaped lot, is located along the length of 11th Ave between 29th and 30th streets. According to the New York Daily News Levine’s Douglaston Development would head up construction of the tower and lease the site for 99 years.
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But there is a hitch in Mr. Levine’s plans. He would need to get the approval of New York City to build higher than current zoning laws allow.
Meanwhile, Levine has taken a firm position on whether New York is facing a housing bubble. He told Crain’s that the group of people who can afford to buy in the types of buildings that are being constructed in that city is just a small fraction of the city’s total residential population. He feels that fewer than 200, 000 people make enough money to justify spending $3 million on a condo.
“I’m somewhat concerned, even with the meager 10, 000 units [being produced annually], that supply and demand will start to level out, and you will see a flattening, not a falling, of condo prices, ” he said.
That being the case one wonders why he is so interested in building yet another luxury tower in Manhattan and one so close to another such building that he already owns at that. Levine owns a 34story rental tower across the street from his new proposed project at 312 11th Ave.