News

Oxford Property Group Buys St. John's Terminal For $700M

St. John's Terminal, Which Is One Step Further Into A Massive Mixed-Use Conversion

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.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

Where Capital Meets Opportunity: Navigating The Next Wave Of CRE Financing At Bisnow’s Event On Sept. 30

Discussing Strategic Capital Stack Structuring At Bisnow's Sept. 30 National Finance Event

Bally's Lines Up $560M Loan For Bronx Casino: The N.Y. Deal Sheet

Data Center Spills 5,000 Gallons Of Fuel Into New Jersey River

Historic Brooklyn Hotel To Be Turned Into Ritz-Carlton-Branded Condos

Taconic Partners Sheds Another NYC Life Sciences Property

Oxford Properties' U.S. Investment Head On Why It's Buying Office Again — And Where

25 Years After 9/11, Lower Manhattan Is Finally Firing On All Cylinders

Tishman Speyer Seeks $92M Tax Break For Next Hudson Yards Office Tower

Solar Projects In Georgia Meet Local Backlash As Data Centers Drive Demand For Power

SL Green Selling SoHo Building For $226M

Innovo On Leasing Spree At Multistory LIC Warehouse: The N.Y. Deal Sheet