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Related Cos. has all but entirely bought out its development partner on a Hudson Yards mixed-use project.
The company picked up a 99.99% share in 506 West 36th St., 512 West 36th St. and 511 West 35th St. from Spitzer Enterprises for $77M, property records show. Related took out a $45M loan from Mack Real Estate Credit Strategies to buy the properties at a price tag $11M lower than what Spitzer paid for the properties in 2013, The Real Deal reports.
Related and Spitzer, run by former Gov. Eliot Spitzer, had planned to team up on developing a two-building project with 400 units and a combined 1M SF of office and retail space at the addresses in 2017, New York YIMBY reported. Spitzer will maintain 0.01% ownership in the properties, two blocks north of Phase 1 of Related and Oxford Properties Group's $25B megaproject.
This was the second major sale of a Hudson Yards property in a month. KKR paid Related a half-billion dollars for 75% ownership of The Summit, the observation deck at 30 Hudson Yards.
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