Related buys two High Line lots for $65 million
Related Companies has bought a scrapyard along the High Line in West Chelsea for $65 million, city records filed today show. The property is comprised of two lots located at 507 West 27th Street and 514 West 28th Street between Tenth and Eleventh avenues.
At 17,275 square feet and 14,800 square feet, respectively, the two lots have a combined maximum floor-to-area ratio of 241,204 square feet, making them a ripe prospect for residential or commercial development. However, it was not immediately clear what the developer plans to do at the site, and a spokesperson for Related was not available for comment.
Related purchased the lots from Central Iron and Metal Co., a scrap metal yard operator. A representative for Central Iron and Metal could not be immediately reached for comment.
Related is also behind the Caledonia condominium tower at 450 West 17th Street, the first residential project built along the High Line. The newly acquired parcel is not far from Hudson Yards, the 26-acre mixed-use development that Related is building with Oxford Properties.