Related closes on Hudson Yards site for $30M

Developer went into contract at 507-511 W. 33rd in 2012

New York /
Aug.August 31, 2015 05:24 PM

The Related Cos. closed on another Hudson Yards site for $30 million, property records filed with the city Monday show.

The site, located at 507-511 West 33rd Street, houses a five-story manufacturing building that measures just over 36,000 square feet.

Under the current zoning, Related can put up a building of 79,000 square feet, although sources said the developer has far larger aspirations for the site.

Coach owns an adjacent building at 516 West 34th Street, which it bought for $126 million in 2008. Under Coach’s 2013 deal to buy 738,000 square feet at 10 Hudson Yards, the retailer agreed to sell Related that property.

 

Related entered into contract for the West 33rd Street site in May 2012, according to the deed, and closed on the buy Aug. 12. Robert Knakal, chairman of the New York investment sales division at Cushman & Wakefield, brokered the deal.

Carry Hot, a thermal delivery bag manufacturer, has occupied the space since 1983. Owner Sanford Plotkin declined to comment and representatives for Related did not immediately return a call seeking comment.

Related and Oxford Property Group’s Hudson Yards project, which will include 17 million square feet of office, retail and residential property when complete, has given rise to the neighborhood around it.

Earlier this month, Tishman Speyer acquired 235,000 square feet of air rights for nearly $30 million for a planned, 61-story Hudson Yards Tower Along 10th Avenue between 34th and 35th Streets. And the Chetrit Group recently landed a $60 million loan for a project at 541-545 West 37th Street, which the developer bought for $26.5 million in 2012. Chetrit paid $29 million for district building bonuses available to projects in the area.


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