Chinese-American firm plans to sell Hudson Yards building

An illustrative photo of 515 Ninth Avenue (Getty, Google Maps)

The luxury residences adjoining the Cassa Times Square Hotel are up for grabs.

Owner Heng Sang Realty is marketing the 108-unit property, known as LANA, at 515 Ninth Avenue, according to information reported by Crain’s. It is unclear how much the Chinese-American company is looking for for the residences of the property developed by the Chetrit group.

There are rent-regulated units in the building, but brokerage Marcus and Millichap said those units will be subject to deregulation and all new leases will have market-rate units.

Heng Sang bought the residential portion of the building in 2017, along with a commercial condominium, for $80.5 million. Signature Bank provided a $50 million acquisition loan.

The business unit is not for sale. Other parts of the building not for sale include the 112-key hotel on the second through fourth floors, retail space, community space, and parking.

After Heng Sang purchased the residences with DHA Capital, which owns an undisclosed share of the development, the companies shelved plans to convert the extended-stay apartments into condominiums. It is unclear if DHA is still involved with the ownership group, although the ownership is listed on its website.

Joseph Chetrit’s company developed the property, built in partnership with Assa Properties and Ready Property Group in 2014. Prior to the sale of the residential portion to Heng Sang and DHA, Meyer Chetrit filed a conversion plan for eight residential floors, setting a selling price of $117.5. million.

Chetrit’s condo conversion plans were withdrawn when the residences were sold.

Assa bought the Rosedale Equities site in 2006 for $36.3 million. Chetrit and Read Property bought a stake in 2012 with a $15 million investment.

Heng Sang did not immediately respond to a request for comment. DH Capital also did not immediately respond to a request for comment.

—Holden Walter-Warner

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