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.
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