Developer Avdoo pays $63M for dev site in Hudson Square

The developer Avdoo through the entity 68 King Street Owner LLC paid $63 million to Benjamin Webster Federbush through the entity 185 Varick Realty Corp. for the office building (O5) at 68 King Street, also known as 185 Varick Street in Hudson Square, Manhattan. The expected use is ground up development.

The Real Deal reported on December 30, 2025 that Avdoo paid $63 million for 68 King Street, Hudson Square, Manhattan, NY.
The deal closed on December 29, 2025 and was recorded on January 7, 2026. The property has 68,476 square feet of built space and 57,410 square feet of additional air rights for a total buildable of 125,900 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $920 and the price per buildable square foot is $500 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 Benjamin Webster Federbush was Benjamin Webster-Federbush. The signatory for Avdoo was Shlomi Avdoo . The contract date was March 21, 2025. PincusCo first reported the transaction in March 2025, when it was in contract, without the sale price.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Avdoo purchased eight properties in four transactions for a total of $81.4 million and sold two properties in one transaction for a total of $6.7 million over the past 24 months.
The seller Benjamin Webster Federbush had not purchased any other properties and had not sold any properties over the same time period. The 68,476-square-foot property generated revenue of $5 million or $73 per square foot, according to the most recent income and expense figures.

The property

The office building in Hudson Square has 68,476 square feet of built space and 57,410 square feet of additional air rights for a total buildable of 125,900 square feet according to a PincusCo analysis of city data. The parcel has frontage of 76 feet and is 150 feet deep with a total lot size of 12,590 square feet. The lot is irregular. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $21.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received two DOB violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 20, 2017. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Hudson Square, The majority, or 76 percent of the 11.9 million square feet of commercial built space are office buildings, with industrial buildings next occupying 8 percent of the space. In sales, Hudson Square has had very little sales volume relative to other neighborhoods with $110.1 million in sales volume in the last two years. For development, Hudson Square has had very little major development activity relative to other neighborhoods.It had -3,752,784 square feet of commercial and multi-family construction under development in the last two years, which represents -31.65 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the eight commercial properties representing 736,277 square feet of the 1,047,124 square feet. The largest owner is Valentina Gilmore, followed by Tishman Speyer and then Avdoo.
On the tax block, there was one new building construction project filed totaling 183,395 square feet. It is a 165-unit, 183,395 square-foot residential (R-2) building submitted by Toll Brothers and filed by Joseph Clark with plans filed March 28, 2017 and permitted March 21, 2018.

The majority, or 53 percent of the 1 million square feet of built space are office buildings, with elevator buildings next occupying 21 percent of the space.

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