Related Could Pay $180M to Expand Hudson Yards Tower

The Related Companies is leading the charge in an attempt to acquire development bonuses that will allow them to expand their office tower at 55 Hudson Yards up to 1.3 million square feet, over three times its current planned size. The additional square footage can be purchased through district improvement bonuses administered by local development corporations, and allow projects like 55 Hudson to significantly increase their buildable square footage. Developers with eligible projects, such as Moinian Group and Tishman Speyer, are paying close attention to the deal, as these bonuses will surely play an integral role in the development of Hudson Yards. [The Real Deal]

Developer Seeks Approval to Build Giant Rental Tower

Major New York City developer Jeff Levine, chairman of Douglaston Development, has recently inked a ground lease on a 62,000 square foot site located at 29th Street and Eleventh Avenue. Levine is seeking approvals for an up-zoning that will allow him to construct a massive rental tower on the L-shaped site, which encompasses nearly 40% of the entire city block. Just another instance of developers lining up for sites located within the proximity to the up-and-coming Hudson Yards. [NY Daily News]

 

American Realty Capital Buys 570 Seventh Avenue

American Realty Capital, a New York City-based publicly non-traded real estate investment trust, has closed on a 170,000 square foot office building located at 570 Seventh Avenue for $170.3 million. ARC acquired the building from Carlyle Investment Management and Capstone Equities with the purpose of implementing a re-positioning strategy that aims to attract new tenants from TAMI companies seeking space in the area. [Commercial Observer]

Mitsui Fudosan discussing a stake in Hudson Yards

Related Companies is reportedly in talks with Mitsui Fudosan regarding their planned office tower in the Hudson Yards. The Japanese real estate investment firm has expressed interest in taking a majority stake in Related’s 55 Hudson Yards, which will  be built between West 33rd and 34th Streets along 11th Avenue. [Crains]

Coach may be rethinking Hudson Yards move

Coach, the high end leather goods store, might renege on its move to Related Companies’ 10 Hudson Yards. Coach, represented by Mary Ann Tighe of CBRE, had originally agreed to purchase 738,000 square feet of office space, with an option to buy two additional floors at $70 per square foot, at Related’s building. Disappointing sales, however, have caused Coach to reconsider the move. [TRD]