By Kaitlin Ugolik ( May 15, 2014, 5:36 PM EDT) -- Developer Michael Stern is reportedly considering the purchase of a development site on West 24th Street in Manhattan's Chelsea neighborhood for about $800 per buildable square foot. The price would only come out to $32 million, but the per-square-foot average would be a record for the neighborhood, Crain's New York reported. Stern, who is head of JDS Development Group, might buy the space at 510-514 W. 24th St., which is close to the High Line, with joint venture partner Largo Investments. The property is in a prime location for new residential development; the High Line area has seen a spike in luxury housing in recent months....
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