SDS Investments, the private equity real estate arm of New York-based Sapir Organization, has acquired 110 acres of land on the Las Vegas Strip in deal worth $400 million (€253.5 million).
Banking on the continued expansion of the Nevada economy, Sapir Organization president Alex Sapir said in a statement the location was one of the most “visible and highly trafficked areas of the strip, where virtually anyone that enters Las Vegas will pass. We are very excited to have closed on this land.”
The future use of the land, located at South Strip and bound by Las Vegas Boulevard and Interstate 15, has not been disclosed, however the statement said SDS Investments had secured $400 million for the acquisition and carry costs.
Larry Davis, managing member of SDS Investments said the deal was typical of SDS’ strategy of developing large projects in large cities such as New York City, Las Vegas and Los Angeles. SDS expects Nevada’s economy to continue to grow despite the current climate, stating that two acres of land are developed every hour in the state.
The Sapir Organization, which owns various landmark buildings in Manhattan including Duke Semans Mansion and 260 and 261 Madison Avenue, has previously partnered with Donald Trump to develop the Trump SoHo Hotel and Condominium New York.