By Benyamin Davidsons
Eliot Spitzer’s real estate company has sold three Hudson Yards sites to Related Companies.
As reported by Crain’s NY, Spitzer Enterprises sold 511 W. 35th St., 506 W. 36th St. and 512 W. 36th St. to Related for a total sum of $77 million. Spitzer, 62, was a former NY governor who resigned in 2008 amid a scandal. Spitzer’s real estate company had purchased the three sites in 2013 for a total of $88 million. The company will still keep 0.1% interest in the properties, having sold a 99.9% ownership interest stake to Related, as per the property deed filed. The properties were vacant lots when Spitzer had bought them, and currently they are being used as parking facilities, as per city records.
Representatives for Related Cos declined to comment on the purchase, and representatives for Spitzer did not reply to Crain’s request for comment.
In February 2020, Related and Atria Senior Living had announced that they partnered with Spitzer and Welltower on an upscale urban senior citizen housing project. That project will be at 451 10th Ave., which is adjacent to these sites which Related just purchased. The senior housing project, which is separate from this sale, is expected to be completed in 2022, as per the company’s previous estimate. The $3 billion joint venture seeks to create a high-rise granting seniors unrivaled access to the city’s culture, fashion, and cuisine with convenient access to public transportation. “We expect to bring two to three buildings online over the next few years, and the $3 billion [figure] reflects that development plan,” John Moore, CEO of Atria Senior Living, had announced.
Related, founded in 1972 by Stephen Ross, boasts roughly $50 billion in real estate assets, and already has completed numerous properties in the Hudson Yards area. It is currently in the midst of developing 28 acres of mixed use properties for the Hudson Yards Redevelopment Project. The company has become the NYC’s leading developer, and the largest landlord, with over 8,000 residential rental units in its ownership. Related also has assets in Boston, Chicago, Los Angeles, Las Vegas, Miami, San Francisco, Abu Dhabi, London, São Paulo and Shanghai.
As per Crain’s, Related was one of several major real estate companies in New York City to make the Covid-19 vaccines mandatory for its employees. The company made all staffers get their first dose by Aug. 31, threatening to give them the boot if they don’t comply.
