Toronto’s Oxford Properties Group — Related Companies’ partner on Hudson Yards — is in contract to purchase the St. John’s Terminal site from Westbrook Partners and Atlas Capital, according to a report.
The $700 million price tag for the 1.7 million-square-foot mixed-use complex works out to $443 per square foot, the New York Post reported.
Other bidders for the three-block-long site, located at 550 Washington Street, were Vornado Realty Trust, Scott Rechler’s RXR Realty and Brookfield Property Partners. Cushman & Wakefield’s Doug Harmon and Adam Spies had been marketing the property for sellers Atlas Capital and Westbrook Partners.
Westbrook and Atlas had been seeking a partner for the massive redevelopment since last year.
Westbrook paid $250 million for Eugene Grant’s majority interest in the property in 2013, and shelled out another $200 million for Fortress Investment Group’s stake in 2015. Atlas is a minority partner.
The City Council approved the development in December. [NYP] — E.B. Solomont