Related closes on Hudson Yards McDonald’s site for $152.3M
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Related Companies closed on a Far West Side McDonald’s for $152.3 million, a deal that allows the developer to build a 62-story tower at 50 Hudson Yards.
The developer is planning to tear down the fast-food restaurant, which is located at 427 Tenth Avenue on the corner of 34 Street in the heart of its Hudson Yards district, although no demolition permits have officially been filed yet. The properties in the assemblage for 50 Hudson Yards include 413 Tenth Avenue and 507 West 33rd Street, and the corner lot McDonald’s lot was the final parcel Related needed to build a mixed-use project that could reportedly span up to 3.3 million square feet.
The deal was first reported by Crain’s in October, but the purchase price wasn’t disclosed at the time.
The developer has spent about $200 million over the past seven years acquiring all other properties on the block bounded by 10th Avenue, the newly-created Hudson Boulevard, and West 33rd and West 34th streets. It acquired a five-story manufacturing building at 507-511 West 33rd Street for $30 million in August, as The Real Deal reported. -
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