Ex-Dodgers owner slides into NYC with $167M West Side buy

New York /
Sep.September 03, 2013 09:44 AM

Frank McCourt, the former owner of the Los Angeles Dodgers who made his name in Boston real estate, has made his first New York City buy: a $167 million development site on Manhattan’s Far West Side where he plans to build a 730,000-square-foot mixed-use tower.

McCourt will pay more than three times the $43.5 million that the current owners, a partnership between New York-based Sherwood Equities and Boston-based Long Wharf Real Estate Partners, paid for the site at 10th Avenue and 30th Street in 2011.

“The surge in value on this site was so dramatic — it was unprecedented — that our rate of return could never have been higher,” Jeffrey Katz, chief executive of Sherwood Equities, told the Wall Street Journal.

In January, McCourt’s Los Angeles-based real estate investment company, McCourt Group, set up shop in Midtown and has been actively looking for investments, according to the newspaper.

Their Far West Side bet is bolstered by the city’s $3 billion push – which will include new parks and the extension of the No. 7 subway line west of Times Square – to transform the area into a top business district.

McCourt’s site is directly opposite the Related Companies’ 46-story South Tower, which will be anchored by luxury retailer Coach. [WSJ]Hiten Samtani


Related Articles

arrow_forward_ios
Arthur Zeckendorf with 570 Washington St
Zeckendorf, Atlas file plans for West Village ultra-luxe tower site
Zeckendorf, Atlas file plans for West Village ultra-luxe tower site
ZD Jasper's Jasper Wu with 430-434 W 37th St and 439 W 36th St
Queens developer touches down on the Far West Side
Queens developer touches down on the Far West Side
Peloton's Barry McCarthy, Hudson Commons (Peleton, Hudson Commons, iStock)
Peloton resorts to sublease at Hudson Commons
Peloton resorts to sublease at Hudson Commons
Taconic Partners' Matthew Weir and Hudson Research Center 61 at 9 West 54th Street (iStock, Taconic Partners, Hudson Research Center)
RPI signs at Taconic and Silverstein’s life sciences hub
RPI signs at Taconic and Silverstein’s life sciences hub
Extell offloads Far West Side dev site for $52M
Extell offloads Far West Side dev site for $52M
Extell offloads Far West Side dev site for $52M
 Gotham Organization's Joel Picket and David Picket with 550 10th Avenue (Getty, Gotham/Handel Architects)
Gotham grabs $250M for massive mixed-use project on Far West Side
Gotham grabs $250M for massive mixed-use project on Far West Side
Pershing Square Capital Management CEO Bill Ackman and 787 11th Avenue (Getty, Rafael Viñoly Architects)
Ackman wants $630M for Hell’s Kitchen office building
Ackman wants $630M for Hell’s Kitchen office building
Georgetown president and CEO Adam Flatto and a rendering of 787 11th Avenue 
Georgetown Co. will bring life sciences hub to Far West Side
Georgetown Co. will bring life sciences hub to Far West Side
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...