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New York

One Hudson Yards property swap deal between Related and Extell in contract

From left: Gary Barnett, a rendering of One Hudson Yards, and Stephen Ross
From left: Gary Barnett, a rendering of One Hudson Yards, and Stephen Ross

A property swap deal between the Related Companies and Extell Development on Manhattan’s West Side is now in contract, the New York Post reported.

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As part of the deal, Related will give Extell a site it owns with Boston Properties on Eighth Avenue and West 45th Street and some cash on top in exchange for Gary Barnett’s 56-story, 1.7 million-square-foot office tower 1 Hudson Yards, located on 11th Avenue at 34th Street. The deal will allow Related to move forward on construction of its towers and retail podium at the Hudson Yards megaproject .

Representatives from Related and Extell did not respond to the Post’s requests for comment. [NYP, 2nd item]—Hiten Samtani

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Extell DevelopmentHudson YardsRelated Companies