BlackHouse’s Sean Ludwick to buy Hudson Yards strip club for $40M: sources
Developer said to be planning construction of 46-story condo-hotel on the site
October 02, 2014
By Mark Maurer
Quote:
Sean Ludwick, developer and managing partner at BlackHouse Development, is in contract to acquire a two-story gentlemen’s club in the Hudson Yards neighborhood in an effort to construct a 46-story condo-hotel tower on the site, The Real Deal has learned.
Ludwick signed a deal last week to pay $40 million for the property at 550-552 West 38th Street, between 10th and 11th avenues, according to sources close to the deal. The site, which currently holds strip-and-steak joint Headquarters Gentlemen’s Club, offers 106,812 as-of-right, buildable square feet, sources said.
The deal is not expected to close until December 2015, according to sources. Lee Odell Real Estate broker Lesya Yanush, who represented both the buyer and the seller, declined comment.
Ludwick also declined to comment.
Ludwick recently started another company, Ludwick China LLC, to focus on raising capital in China to buy more real estate in Manhattan. The planned tower on West 38th Street will house 175 hotel rooms – and 15 full-floor condominium units with private elevators, sources said. Ludwick is seeking a Chinese investor for the project.
The owner of the property is Monsey, N.Y.-based landlord Louis Marolda, who bought it in 1983, records show. Ludwick has said he is also a partner on a 47-story Hudson Yards condo-hotel tower at 462-470 11th Avenue, which is being developed by Chinese investor Kuafu Properties. A spokesperson for Siras Development, led by former BlackHouse partners Saif Sumaida and Ashwin Verma, said last month that Ludwick is no longer a development partner. Ludwick has denied this. Documents show him as a partner.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
I'm glad all this development in the Hudson Yards is happening, but it's not exactly as envisioned. The city expected it would take about 30 years for build out, but at the rate things are progressing, it won't take that long. The problem is, few but the larger developers are willing or able to assemble the sites that need assembling for larger developments. This mid-block tower will rise next to another mid-block tower (540).
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
NEW YORK | 550-552 West 38th St | 740 FT | 45 FLOORS
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A beleaguered real estate developer is working on a new hotel project in the Hudson Yards district. Sean Ludwig's Blackhouse Development has hired Los Angeles-based architecture firm M-Rad to design a 740-foot tall hotel that's going by the name of Hudson Americano (ugh). To be clear, the design right now is strictly conceptual. Blackhouse has been involved in an ongoing dispute over ownership rights of another Hudson Yards project, the Chinese lantern-inspired Hudson Rise, with co-developers Kuafu Properties and Siras Development since March. It is unclear if this new development by Blackhouse is a proposal for the same site. Curbed has reached out to both the architecture firm and Blackhouse for comment.
As for the new hotel project, the slender building with a Tetris-like exterior design towers above the neighboring buildings in the renderings (although, let's be real, it's hardly tall compared to others in the neighborhood.) The design features 160 hotel suites, 15 luxury condos—it's unclear whether they're intended as short- or long-term residential units—three floors of spas, two floors of swimming pools, and an entertainment space that will offer 360-degree views of the city.
Sean Ludwick of BlackHouse Development is reportedly in contract to
buy the Hudson Yards strip club Headquarters, where he plans to erect
(get it?) a 46-story condo-hotel tower.
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
I wonder how this neighborhood will humanize itself. Currently it's a desert by day and abandoned at night - all the towers going up are too big to create much street-life, and I can't imagine the developers have any ideas that aren't tied to capital. Most of the foot traffic consists of interstate bus commuters and Highline tourists - what will be the public draw besides fancy condos and a mall?
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NEW YORK | 550-552 West 38th Street | FT | 46 FLOORS
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