Posted Jun 28, 2018, 6:54 PM
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Registered User
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Join Date: Aug 2011
Posts: 2,173
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Seems like McCourt wants to speed up that 99 year time frame. Hines is out and it sounds like McCourt wants to move forward.
Frank McCourt back to seeking partner at Hudson Yards site
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McCourt Global recently hired CBRE and HFF to help “identify potential development partners and opportunities” for the site at 360 10th Avenue, Drew McCourt, the firm’s president and Frank McCourt’s son, confirmed to The Real Deal. Sources said the company does not have plans for an outright sale.
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The developer paid Sherwood Equities and Long Wharf Real Estate Partners $167 million in 2014 for the site, including air rights, in what was his first major commercial real estate deal since selling the Dodgers in 2011 – and remains his only major New York real estate holding.
At the time, he envisioned a $3 billion residential-and-retail skyscraper on the site, which is zoned for 840,000 square feet. Houston-based development giant Hines joined the project as an equity and development partner in September 2014, but that deal later fell apart.
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In a statement, Drew McCourt made note of “the Hudson Yards district beginning to thrive.”
CBRE’s Darcy Stacom and Bill Shanahan and HFF’s Andrew Scandalios are marketing the stake. They could not be reached for comment.
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