Related scores in sale of Hudson Yards building to L&L, Pru

Getting $160M for property it bought for $92M two years ago

New York /
Mar.March 07, 2014 08:05 AM

L&L Holding Company has teamed up with Prudential to buy one of the few Hudson Yards-area properties that Related Companies is selling. The partnership is paying $160 million for the 200,000-square-foot office site at 511-541 West 25th Street, near the High Line in Chelsea.

The price of the three conjoined buildings collectively skyrocketed, jumping up roughly 70 percent since Related picked it up for $92 million two years ago. CBRE Group brokers Darcy Stacom and Bill Shanahan marketed the site, which was listed for $160 million last month.

Back in 2012, the building was purchased out of an $825 million equity pool that Related raised and used to acquire a number of buildings in the city that fell into financial trouble during the recession. The firm also picked up 225 Rector Street and One Madison Park, both in default at the time, with the funds, as previously reported. [Crain’s]Mark Maurer


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
RXR Realty head Scott Rechler and CBRE Tri-State CEO Mary Ann Tighe
Rechler, Tighe know which real estate players will go extinct
Rechler, Tighe know which real estate players will go extinct
From left: Steven Roth, chief executive officer, Vornado Realty Trust; Kathy Hochul, governor of New York; Stephen Ross, chairman and founder, The Related Companies (Getty Images, iStock/Illustration by Steven Dilakian for The Real Deal)
Real estate showers Hochul with cash
Real estate showers Hochul with cash
Michael Gronager, chief executive officer, Chainalysis, in front of 114 Fifth Avenue (Chainalysis, LoopNet/Illustration by Steven Dilakian for The Real Deal)
Crypto data firm doubles space at Flatiron office
Crypto data firm doubles space at Flatiron office
(iStock)
Manhattan’s retail market ticks up toward rebound
Manhattan’s retail market ticks up toward rebound
Office subleases abound in North Dallas suburbs
Office subleases abound in North Dallas suburbs
Office subleases abound in North Dallas suburbs
CBRE to buy $4.9B global industrial portfolio
CBRE to buy $4.9B global industrial portfolio
CBRE to buy $4.9B global industrial portfolio
425 Park Avenue and L&L Holding Company CEO David Levinson (Alan Schindler, Levinson via Getty)
L&L secures nearly $1B financing package to complete 425 Park Ave
L&L secures nearly $1B financing package to complete 425 Park Ave
arrow_forward_ios

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

Loading...