Continuing the discussion from NEW YORK | Hudson District - Farley Corridor Subdistrict:
After picking up Far West Side site for $167M, McCourt is negotiating on another NYC deal
January 01, 2014
By Katherine Clarke
In August, his real estate firm acquired a development site on Manhattan’s Far West Side for $167 million. That was more than triple the price paid for the site in 2011 by the previous owners, a partnership between Sherwood Equities and Long Wharf Real Estate Partners.
“We were trying to figure out, do we want to become more of a development company or more of a buy-and-hold real estate company?” Wilhelm explained. “Frank kept coming back to sexy development deals and the idea of building important buildings. There were some trophy assets that we were looking to do on a buy-and-hold basis in big cities, which also piqued his fancy, but these mixed-use developments, which had residential up top and office and retail at the bottom became a recurring theme.”
Indeed, the transaction was sexy, especially since the land was valued so much higher than the $42 million that the Sherwood partnership paid British banking giant Barclays for it in 2011. (Barclays wrested control of the site earlier from developer Gary Barnett.)
McCourt plans to construct a 730,000-square-foot tower that will include residential condominiums on top and retail on bottom. What’s in between is still undecided; the fund is debating between office and hotel use, McCourt said. Once that’s set, McCourt may solicit submissions from potential architects. A construction start date has not yet been determined.
356 10th Avenue, where McCourt is planning on constructing a 730,000-square-foot mixed-use building
I hope we get some news soon .
This should exceed 300m.
I think that McCourt and Hines are simply holding back for now. Nothing whatsoever is happening there.
I agree. But with SHoP involved, I can’t help but be excited due to their recent work in Brooklyn and with 111 w 57th.
I concur. Something stunning will rise there.
I stumbled across this rendering on McCourt’s website. Unfortunately, it’s only a more detailed rendering of the old design under Sherwood Equities. http://www.mg.com/mgproperties/projects/
I’m sure SHoP will deliver again.
I agree. A blockbuster will rise here!
MG-Hines & SHoP partnership will definitely make something beautiful here.
It would be amazing if they could connect the high line spur to 360 Tenth and on the other side connect to Manhattan West breezeway, that way you’ll never have the need to go down to street level to cross between the developments from the high line.
June 8th: Hines and McCourt must be fans of Samuel Beckett (ie, Waiting for Godot).
One day, something very tall will occupy the empty lot between 5 MW and the Postal Center.
I hope USPS sells that postal facility.
I agree! That has been discussed as a location for the new MSG.
Waiting for you 360 Tenth!!
45 E 22nd in the background.
I agree. That’s where MSG belongs.
Yea, I hope the post office sells.
Not much of an update but I noticed yesterday that they had new permits. Upon closer inspection it was just to update the permit for the construction fence. I think some of the fencing is new though and has more spots to peek inside.
I read somewhere, i can’t remember where that Hines may have gotten out of the project as partner. Anyone can confirm?
Looking forward to see McCourt to start! Would be fantastic if he can run a connection from Manhattan West through 360 Tenth to connect to the Highline Spur.
That connection would great.