Prolific real estate construction head Joel Braver will finally begin work at the 219 Hudson Street location once owned by 4 European Soccer stars. Braver acquired the site from the athletes and their partner in 2015 for $13.2 million, according to records.
The 3,512 Square foot site was purchased by the soccer stars in 2013 for only $2.5 million. The site located at Hudson and Canal Street was slated to become a 56-key hotel. However, the superstars proved their inexperience in the real estate business and got tied up in heavy litigation with one of their former partners who claimed his partners failed to contribute $12 million to the development venture. The European Football stars, Zinedine Zidane, Christian Vieri, Paolo Maldini and Andriy Shevchenko, along with their development partner Rafi Gilby, were sued in 2015 by a former partner, Avihu Gerafi.
The hotel plans ultimately failed because the project ended up being more expensive than initially assessed. New York State Supreme Court Judge Anil Singh, dropped all charges against the soccer players as documentary evidence contradicted Gerafi’s claims. The partners eventually sold the site to Braver for $13.2 million, still making a profit without ever developing the hotel as planned.
Joel Braver who owns Express Builders JB now plans on building a 14 unit residential unit at the site. It appears to be condominiums according to building filings. Braver’s construction firm is one of the largest in New York City and based out of Brooklyn. They are very active building and own over 2 million square feet currently under construction