The Real Deal New York

Frank McCourt brings in Hines on $3B project on 10th Ave.

SHoP Architects will design 733,000 sf mixed-use building in Hudson Yards area

September 29, 2014 10:51AM
By Hiten Samtani

From left: Frank McCourt, 360 Tenth Avenue and Tommy Craig

From left: Frank McCourt, 360 Tenth Avenue and Tommy Craig

Frank McCourt’s MG Properties has brought in Hines as an equity and development partner on 360 10th Avenue, a $3 billion, 733,000-square-foot mixed-use project on the Far West Side. The developer also announced that SHoP Architects will design the project.

McCourt, the former owner of the Los Angeles Dodgers, made his New York real estate debut with the acquisition of the site last year for $167 million, more than three times what seller Sherwood Equities and Long Wharf Real Estate Partners paid in 2011. The deal is one of the biggest bets yet on the Hudson Yards neighborhood.

“We are very pleased to have the world-class team at Hines join us on 360 Tenth,” Drew McCourt, president of MG Properties, said in a statement. “The addition of SHoP’s creativity and innovation is a significant enhancement to the project as we look to blend the residential, retail, and commercial elements into an architecturally-significant addition to the North Chelsea/Hudson Yards neighborhood.”

Vishaan Chakrabarti, a partner at SHoP, said in a statement that the firm hoped to “create a building that evokes the best of historic Chelsea while making a strong contemporary addition to the skyline.”

Hines’ executive Tommy Craig said that the firm welcomed “the opportunity to expand our development work into the heart of Manhattan’s fastest growing new neighborhood.” The Houston-based firm’s other notable projects in New York include a 471,000-square-foot office tower at 7 Bryant Park and the 1,050-foot-tall Jean-Nouvel designed 53W53.

  • Niv21

    I find it hard to believe the price tag to build this tower is $3 Billion. It has to be a mistake. Can anyone confirm.

    • R S

      I agree.
      With the square footage being 733,000, a $3B price tag would equal to approximately $4,000 per Sqft, which makes no sense whatsoever, especially in an office tower.

  • Sherwood / Jeffrey Katz made three times the purchase price because they only paid $11,000,000 for 177,000 square feet of air rights bought from 450 West 31 Street, who defrauded the owner of the 12th Floor, to whom the air rights had been conveyed in the original Offering Plan. Katz then merged the lots, transferred the air rights to 360 Tenth, and sold the whole thing to McCourt. There is still an ongoing case on this.