Ongoing trivial pursuits have not kept Love Gov Eliot Spitzer from having a pointed focus on his family real-estate business.
Spitzer Enterprises just paid $88 million to buy a Hudson Yards-area development site for a future erection.
“I don’t think he has a plan yet,” said Bob Knakal, chairman of Massey Knakal, who was the investment broker on the deal. “The most logical use is residential and hotel.”
The mid-block site at 511 W. 35th St., between 10th and 11th avenues, runs to West 36th Street.
Under current zoning, the 17,281 square-foot parcel can host a building of roughly 10 stories, or 172,000 square feet.
But it can become further enhanced — to 415,000 square feet — with the purchase of air rights and a District Improvement Bonus.
Knakal said the deal was a quickie that was inked within three days and closed nine days later.
The seller, Alloy Management, paid just $24 million in the fall of 2007. It is now rented to a trucking company with a six-month termination agreement.
Hudson Yards developer, the Related Cos., has a contract to purchase yet another site on the block at No. 517.
Related was expected to be a bidder for the newly purchased Spitzer property, according to the Real Deal, which first reported the purchase.
Properties have been trading rapidly under the shadow of Related’s north tower, which is under development, and the future opening of the No. 7 train station at West 35th Street and 11th Avenue.
