The Real Deal New York

Related files plans for Hudson Yards office tower

Building with 393,000 square feet to rise on former Extell site
By Hiten Samtani | March 07, 2014 12:15PM

UPDATED, 4:55 p.m., March 7: Stephen Ross’ the Related Companies has applied for permits for 550 West 34th Street, a planned commercial tower in the Hudson Yards district, according to property records filed with the city late last month.

According to Department of Buildings permits filed February 24 and seen by TRD, the 392,899-square-foot building at 550-570 West 34th Street is being designed by architecture firm Kohn Pedersen Fox Associates, which is also the master planner behind the entire Hudson Yards megaproject. The permits, which were filed with the Department of Buildings on February 24, were first spotted by PropertyShark. A representative for Related declined comment.

The move comes on the heels of a deal that Related did in June with Gary Barnett’s Extell Development, which owned the site since at least 2007, according to city records. As part of the transaction, Related paid Extell $168 million for the site, and also agreed to give Extell a site it owns with Boston Properties on Eighth Avenue and West 45th Street, ending a tense standoff between two of the city’s biggest developers.

Related has been snapping up parcels in the Hudson Yards area, but recently switched tack, selling a 200,000-square-foot office site at 511-541 West 25th Street to L&L Holding Company and Prudential for $160 million.

  • HughGass

    17 stories? you better check your source on that.

    • HitenSamtani

      Here’s the permit. I know Extell was supposed to do a 56-story tower, but 17 is what Related has filed.

      • Niv21

        Here’s an article published on Feb 26th quoting the vice president for Related.

        ” But Samuelian specifically highlighted 55 Hudson Yards, a 51-story building which is planned for along 11th Avenue, noting its placement just steps away from the forthcoming entrance to the Number 7 subway extension (along with the bottom portion of the city-funded Hudson Park and Boulevard, another new green space which is set to open by the end of this year). Referencing the building’s smaller size — at 710 feet tall, a good deal shorter than 10 Hudson Yards — Samuelian jokingly called 55 Hudson Yards “our boutique building,” and said Related will be focused on attracting a tenant base there that will be quite different than the massive companies moving into the two towers below West 33rd Street. ”
        I would not panic. That filing with dob may just be preliminary or filed wrong. That former Extell site called “1 Hudson Boulevard” not Yards has over 1 m sq ft of development rights and to just build 390K sq ft would not make sense investment wise.

  • Correction

    Please stop saying things like Related “switched tack” when referring to that property on 25th street. They did not switch strategies. Related acquired, leased up and flipped that 25th street property with their fund, which is completely separate from properties that they acquire and develop for their own balance sheet or in long-term partnership with institutional investors like Oxford Properties Group.

    • truestory

      It was bought within a fund. Related runs several investment funds with billions in commitment.

  • DanKG

    Wrong site, Real Deal. Not One Hudson Yards.