Amstar Group pays $129M to Shorenstein Properties for 225 units, retail in Hudson Yards

Amstar Group and BMC Investments through the entity 515 W 38 HH, LLC paid $129 million to Shorenstein Properties through the entity HY 38-39 Lio LLC for the 225-unit rental building Henry Hall, at 515 West 38th Street in Hudson Yards, Manhattan. The expected use is cash flowing.

The purchase was composed of three commercial condominium units, the 179-unit market rate rental unit, the 46-unit affordable rental unit and the retail unit.
The deal closed on February 27, 2026 and was recorded on March 19, 2026. The three units have 169,386 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $761 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Shorenstein Properties was Sandra Shorenstein . The signatory for Amstar Group and BMC Investments was Matthew Karp . The contract date was October 6, 2025.

The buyer financed the purchase with a $71 million loan from U.S. Bank.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Amstar Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Shorenstein Properties had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has a total lot size of 120,895 square feet. The property has a 421A exemption that started in 2020 and expires in 2040. The city-designated market value for the property in 2022 is $53.5 million.

Transaction Participants

Nathan H. Sevilla at Mayer Brown LLP participated in the transaction on behalf of the buyer .

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the three buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 509 West 38th Street, PincusCo has identified the owners of one of the eight commercial properties representing 467,131 square feet of the 746,026 square feet. The identified owner is Rockrose Development.
On the tax block, there were four new building construction projects totaling 443,269 square feet. The largest is a 591-unit, 407,202 square-foot residential (R-2) building submitted by Rockrose Development and filed by Peter Donohoe with plans filed September 25, 2018 and permitted May 31, 2019. The second largest is a 32,510 square-foot 75 building submitted by Hudson Yards Development Corporation and filed by Lincoln Patel with plans filed March 4, 2025 and it has not been permitted yet.

The majority, or 63 percent of the 746,026 square feet of built space are elevator buildings, with industrial buildings next occupying 37 percent of the space.

The seller

The PincusCo database currently indicates that Shorenstein Properties owned at least one commercial property in New York City with 911,896 square feet and a city-determined market value of $273.8 million. (Market value is typically about 50% of actual value.) The portfolio has $376 million in debt, borrowed from Barclays and Forethought Life Insurance Company. The portfolio consists of at least a single office property. It is located in Manhattan.

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