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Hudson Yards pad sells for $7M; cash-strapped MTA gets a cut
Deal comes as Manhattan’s luxury market struggles to gain ground
UPDATED Aug. 26, 2020, 10:50 pm: A luxury condo at Related Companies’ 35 Hudson Yards has sold for just under $7 million in an all-cash deal — a bright spot for the Far West Side development after months of setbacks.
The buyer is identified in the deed as David Rutter, the same name as the founder and CEO of blockchain technology company, R3.
Rutter went into contract on March 13, a little over a week before the state’s shutdown order went into effect. The deal closed on August 14. No mortgage was recorded at time of publication. Rutter did not respond to requests for comment.
The Metropolitan Transportation Authority is named as the seller. Related, which developed the luxury condo and rental tower with Oxford Properties, has a ground lease at the site. The arrangement means the MTA gets paid a share of the land value when a condo closes at the 71-story building.
Sales at 35 Hudson Yards launched last March. Since then, Manhattan’s already soft luxury market has been battered even further by the pandemic. In a June letter to EB-5 investors, Related cited “extremely challenging conditions for the sale of residential condominiums” as one of several obstacles it was contending with.
In July, new contracts for Manhattan condos priced between $4 million and $5 million were down 77 percent from the same month last year, according to a recent market report from Douglas Elliman. In the $5 million to $10 million bracket, contracts were down 39 percent. Above $20 million, there were zero.
Active listings at 35 Hudson Yards range from a two-bedroom unit for $4.2 million to a penthouse apartment asking $59 million.
Write to Sylvia Varnham O’Regan at so@therealdeal.com
Correction: An earlier version of this story incorrectly stated that a four-bedroom condo at 35 Hudson Yards was priced at $4.2 million. In fact, the unit has two bedrooms. (Four rooms in total.)