Happy deal: Related buys McDonald’s near Hudson Yards

Latest piece of developer's megaproject could span up to 3.3M sf
October 05, 2015 04:15PM

Related Cos. acquired a McDonald’s on the far West Side of Manhattan, which — while not coming with fries and a drink – could pave the way for the developer’s latest Hudson Yards skyscrapers.

Related purchased the site, located at the corner of West 34th Street and 10th Avenue, from the fast food chain for an undisclosed amount. McDonald’s has owned the property for decades, but filed a notice with the state last month announcing plans to lay off all 65 employees at the location by the end of the year.

The corner lot is the final parcel the developer needed to build a mixed-use development that could span up to 3.3 million square feet. Related refers to the site as 50 Hudson Yards, and while it has yet to release formal designs for what it wants to build on the location, tentative plans call for two towers that could soar more than 1,000 feet each, according to Crain’s.

The developer has spent about $200 million over the past seven years acquiring all other properties on the block bounded by 10th Avenue, the newly-created Hudson Boulevard, and West 33rd and West 34th streets. It acquired a five-story manufacturing building at 507-511 West 33rd Street for $30 million in August, as The Real Deal reported.

Related plans to top out the first tower at the Hudson Yards site, at 10 Hudson Yards, on Wednesday. The firm calls the project, which is slated to hold 17 million square feet of commercial and residential space, “the largest private real estate development in the nation’s history.”

Hudson Yards will be boosted by the recent opening of a 7 train station at West 34th Street and 11th Avenue – the city’s first new subway station in 25 years. [Crain’s]Rey Mashayekhi