From left: Peter Buffett, One Madison Park and Buffett's unit
Related Companies’ takeover of One Madison Park appears to be benefiting buyers who purchased into the building. According to the New York Post, Emmy winner and composer Peter Buffett, son of billionaire investor Warren Buffett, sold the 1,962-square-foot three-bedroom condominium on the 18th floor for $4.25 million — despite listing it for $150,000 less and buying it three years earlier for $3.56 million. [more]
CBRE's Bob Alexander and Hudson Yards rendering
Luxury retailer coach has expanded its presence at Hudson Yards, the New York Post reported, and agreed to purchase an additional 150,000 square feet on top of the 600,000 for which it already signed. Under the terms of its agreement with developer Related Companies, which is down to “paper details,” Coach can add another 100,000 feet to bring its total to 850,000, or one-half of the forthcoming 46-story building’s 1.7 million square feet. [more]
Brookfield's Phil Wharton and a rendering of Manhattan West
The Far West Side earned the latest confirmation of its potential as a residential neighborhood when office developer Brookfield Office Properties recently said it was considering adding 900 apartments to its Manhattan West project, according to the New York Post. The area already has thousands of new rental units from developers such as TF Cornerstone, Glenwood Management and the Related Companies, and has thousands more on the way from those developers, the Gotham Organization and Iliad Development. [more]
From left: Mayor Michael Bloomberg, Sterling's Fred Wilpon and Related's Stephen Ross
The Bloomberg administration’s new Willets Point agreement calls for a 1.4 million-square-foot mall and parking garage on one side of Citi Field, and a 200-room hotel and stores on the other, according to the Wall Street Journal. As previously reported, the administration scrapped its original plans for the site, which included the use of eminent domain, and instead struck a deal with the Related Companies and Sterling Equities, the real estate firm controlled by the owner of the Mets and Citi Field. [more]
From left: Related Chairman Stephen Ross, 225 Rector Place and Yair Levy
Swamped in controversy from lawsuits, fraud and foreclosure in recent years, the condominium at 225 Rector Place will re-enter the market later this month, the New York Times reported. Related Companies, which bought the building out of foreclosure for $82.8 million last summer, hired Irish designer Clodagh to refurbish the building interiors and common spaces. The 181 units it is bringing to the market range from a 576-square-foot studio asking $495,000 to a 1,963-square-foot three-bedroom listed for $2 million. [more]
From left: Mayor Michael Bloomberg, Related's Stephen Ross and Sterling's Fred Wilpon
The Related Companies and the real estate firm controlled by the New York Mets ownership, Sterling Equities, are closing in on a deal to develop a mall on Willets Point, the Wall Street Journal reported. The proposal calls for significant changes to the vision laid out by the Bloomberg administration, most notably bringing more retail to the long-awaited $3 billion project’s first phase. [more]
Robert A.M. Stern
Starchitect Robert A.M. Stern is designing a new residential building for the Related Companies on the corner of 30th Street and 10th Avenue, the New York Observer reported. This is not Stern’s first project for Related. He’s previously completed the Chatham, the Brompton and most recently, Superior Ink, which boasts some of the highest-priced listings in the city.
The building will rise close to Related’s Hudson Yards site, where an office tower and the Diller Scofidio residential tower are slated for completion in 2015. [more]
David Kramer
New development by Hudson Companies on Roosevelt Island is underway that aims to make the island a residential destination, Hudson principal David Kramer told the New York Times.
Hudson is behind the development of the Riverwalk neighborhood in Roosevelt Island. As The Real Deal reported in the March issue, the complex will comprise nine buildings. Kramer told the Times that six of them are currently complete. One of them is Riverwalk Crossing, a rental building designed in cooperation with Related Companies, which is now fully leased. [more]
From left: Ziel Feldman, managing principal at HFZ Capital, One Madison Park and Stephen Ross, chairman of Related
Related Companies has reached a deal to settle most of the outstanding claims — estimated to be in the tens of millions of dollars — in the ongoing legal drama at the One Madison Park condominium and expects to relaunch sales late this year, The Real Deal has learned.
The settlements, which include $6.75 million in unsecured claims and several million in additional claims, will allow Related to complete construction at the site and resolve a number of outstanding title disputes at the property, at 23 East 22nd Street, which would allow the developer to put most of the unsold inventory back on the market. [more]
Diller Scafidio + Renfro founders Elizabeth Diller and Ricardo Scafidio
Related Companies has tapped architecture firm Diller Scofidio + Renfro to design the first residential building at Hudson Yards and aims for it to be completed by 2015, the Wall Street Journal reported.
The building would rise to 800 feet at the northeast corner of Eleventh Avenue and 30th Street with about 700 units. Related said it hopes to complete the building around the same time the first office structure on the site, which has already sold 600,000 square feet of space to Coach, is finished. [more]
