Alloy moves to trim Hudson Yards-area holdings

Related said to be eyeing West 35th Street site

From left: Robert Knakal and 511 West 35th Street
From left: Robert Knakal and 511 West 35th Street

Alloy Development is selling one of its sites near Hudson Yards — and expects to get $75 million for the deal.

A buyer could build a tower with up to 415,000 square feet of space at the site, at 511 West 35th Street, west of Penn Station. About 100,000 square feet could be residential, thanks to the city’s sale of air rights in the neighborhood.

The Related Companies, which is famously developing Hudson Yards with Oxford Properties and owns several properties in the area, is expected to be one of the potential bidders.

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Robert Knakal of Massey Knakal Realty Services, who is marketing the property for Alloy, told Crain’s that a number of hotel developers have expressed interest in the site.

“With Javits nearby and the construction of all the office and retail space that is planned on the far West Side, there is a real market growing for hotels,” he told Crain’s. [Crain’s]Julie Strickland