Related scores in sale of Hudson Yards building to L&L, Pru
Getting $160M for property it bought for $92M two years ago
L&L Holding Company has teamed up with Prudential to buy one of the few Hudson Yards-area properties that Related Companies is selling. The partnership is paying $160 million for the 200,000-square-foot office site at 511-541 West 25th Street, near the High Line in Chelsea.
The price of the three conjoined buildings collectively skyrocketed, jumping up roughly 70 percent since Related picked it up for $92 million two years ago. CBRE Group brokers Darcy Stacom and Bill Shanahan marketed the site, which was listed for $160 million last month.
Back in 2012, the building was purchased out of an $825 million equity pool that Related raised and used to acquire a number of buildings in the city that fell into financial trouble during the recession. The firm also picked up 225 Rector Street and One Madison Park, both in default at the time, with the funds, as previously reported. [Crain’s] — Mark Maurer