Related Pays $96M For Hudson Yards Development Site
Related Cos. has closed on a Hudson Yards development site for $96M. It will be part of an apartment and office project Related is planning to build with Eliot Spitzer.
The firm signed the contract for the site at 517 West 35th St. in 2013, The Real Deal reports, and the sale price works out to be around $410 per buildable SF.
The seller was HLM Realty, based in Pelham, New York, which bought the land for an unknown price in 2003.
Spitzer and Related will work together on a 1.4M SF, mixed-use project there, according to TRD.
Last year, Related and Spitzer asked the city if they could split the combined project into two phases, building 341K SF of residential space in the first phase.
Hudson Yards will see a number of significant milestones this year. After a decade in development, 55 Hudson Yards is set to open this fall, and the first residents will begin moving into 15 Hudson Yards in December.
In March, the public square and gardens will open to the public.