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St. John's Terminal will be sold ahead of its planned mixed-use conversion.
Atlas Capital Group and Westbrook Partners are under contract to sell the three-block-long industrial property to Oxford Property Group for $700M, the New York Post reports. The 1.1M SF property comes with 480K SF of additional air rights, 200K of which were purchased from Pier 40 in May, with proceeds going to the Hudson River Park Trust to fix the crumbling structure.
Before the sale, Atlas and Westbrook laid out plans to convert St. John's into a 1.7M SF complex combining office space, a hotel, 400K SF of retail and a combination of market-rate and affordable housing. The residential portion will include five buildings with 1,586 apartments, 30% of which will be designated affordable, according to the Post. One of the buildings is slated for senior use.
Oxford, which is partners with Related Cos. at Hudson Yards, did not comment on the Post's story. Whether Oxford intends to change the development plan is unknown.
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