Sales Beat

KKR Looking to Invest at Related’s Hudson Yards

Rendering of 10 Hudson Yards.

After nearly two decades at Sheldon Solow’s 9 West 57th Street, private equity giant Kohlberg Kravis Roberts is looking to make a move to an office condominium at Hudson Yards, Commercial Observer has learned.

The global investment firm occupies 161,000 square feet at 9 West 57th Street on floors 10, 11, 14, 16, 41 and 42, according to CoStar Group, a space that will be small in comparison with the 400,000-square-foot condo it is considering buying in Related Companies and Oxford Properties Group‘s 17-million-square-foot, 28-acre mixed-used development emerging on the West Side of Manhattan. Read More


Equinox Checks Into the Hotel Business at Hudson Yards

Hudson Yards

The popular, high-end fitness gym Equinox is venturing into the hotel business with its first location slated for the Hudson Yards.

Featured an amenity in several buildings for Related Companies, its parent company, the gym is gearing the Far West Side hotel toward exercise-hungry travelers and will feature indoor and outdoor swimming pools, according to the Wall Street Journal. The hotel’s gym, free to guests, will be 60,000 square feet, making it the largest Equinox facility. Read More


Related, Ponte Equities Building 80/20 Rental in Tribeca

460 Washington Street (Photo: CoStar).

Related Companies and Ponte Equities are erecting an 80/20 rental building in Tribeca, Commercial Observer has learned.

The 10-story building at 460 Washington Street between Watts and Canal Streets will have 107 units, sources with knowledge of the building said, plus a gym, lounge/party space, rooftop garden, underground parking and a small day care facility on the ground floor. BKSK Architects was tapped to design the project and Ismael Leyva Architects is the architect of record, and designed the apartment interiors. In addition the building hallways will have windows that look out on a courtyard. Read More

The Lobby

Related Hires First Creative Director

Stephen Earle.

Related Companies announced today that Stephen Earle has been tapped for the newly created senior vice president and creative director position at the firm, according to a press release issued by the company.

In his new role, Mr. Earle will oversee Related’s interior design work for its residential developments. He is joining the firm from Ralph Lauren, where since 2004 he has worked as the design director overseeing and managing the concept, design and development of home products for Ralph Lauren, Lauren, Chaps and American Living Brand. Read More

Mortgage Observer

AIG Finances LargaVista’s 300 Lafayette

Rendering of 300 Lafayette.

American International Group provided a $40 million mortgage to Brooklyn-based LargaVista Companies for the fee simple interest in a development site on Lafayette Street in Soho, Mortgage Observer has learned.

The 20-year, fixed-rate loan was brokered by an HFF team led by Senior Managing Director Michael Tepedino and Managing Director Michael Gigliotti. HFF will also service the loan, according to the firm. The broker and borrower declined to name the lender. Read More

Lease Beat

Branding Company Taking Space at 10 Hudson Yards

Hudson Yards. (Jennifer Henderson)

VaynerMedia, a brand consulting agency with a focus on social media, is taking 90,000 square feet at Related Companies and Oxford Properties Group‘s 10 Hudson Yards on the Far West Side, Bloomberg News reported.

This is the developers’ first office lease deal at what will be a 52-story, 1.7-million-square-foot commercial and retail building since the beginning of 2013, the publication noted. Read More


Oxford, Related Virtually Open Hudson Yards

Hudson Yards

They turned a virtual city within a city into a virtual reality.

The Related Companies and Oxford Properties are giving attendees of the International Council of Shopping Centers‘ New York National Dealmaking Conference the opportunity to visit their 17-million-square-foot Hudson Yards complex years before it opens through a 17-foot tall model and 3-D experience by Floored in the lobby of the Jacob K. Javits Convention Center. Read More

Mortgage Observer

Related Fund Management Lends $60M For Hotel Near Hudson Yards

Hudson Yards

David Marx’s 399-key hotel project near the Hudson Yards megaproject got a $60 million bridge loan from Related Fund Management and Highbridge Principal Strategies. The soon-to-rise Courtyard by Marriott sits at 461 10th Avenue, near 34th Street.

Related Fund Management, a subsidiary the transformative project’s developer, The Related Companies, launched the credit platform with New York-based investment firm Highbridge last year, with plans to invest $800 million in real estate debt, especially in gap financing. Read More

Citi Bike

Related Cos. Spin-Off Will Acquire Controlling Stake in Citi Bike


Alta Bicycle Share, the Portland, Ore. based company that operates New York’s Citi Bike program as well as bicycle share systems in several other cities, is about to get a financial shot in the arm, the Wall Street Journal reported yesterday.

REQX Ventures, an investment firm founded by members of Related Companies, will finalize a deal to acquire a controlling stake in the beleaguered bike share network with an eight-figure contribution which could close as soon as next week, the Journal reported. Read More

Foreclosure Auctions

One Madison Sponsors Win Retail Space at Auction

One Madison at 23 East 22nd Street.

Related CompaniesCIM Group and HFZ Capital have acquired the commercial piece of their One Madison, the condominium at 23 East 22nd Street formerly called One Madison Park.

At a foreclosure auction held this afternoon at the State Supreme Court building at 60 Centre Street, the three companies submitted the winning $3 million bid for the lone commercial unit in the building, which is between Broadway and Park Avenue South. There were no competing bids. Read More

Cover Story, Feature

Leading Beyond LEED: NYC Buildings and the Evolving Fight to Consume Less Energy

803 Knickerbocker Avenue.

One of the country’s first hyper-efficient affordable multifamily passive houses was failing a basic evaluation early this month and nobody on architect Chris Benedict’s Architecture and Energy Limited team could figure out why. When the innovative foam-and-stucco structure at 803 Knickerbocker Avenue in Bushwick couldn’t hold up to the blower door test that’s a standard Read More

Press Tour

Related Takes Press on Tour of 10 Hudson Yards

Construction is underway at 10 Hudson Yards. (Jennifer Henderson)

Michael Samuelian, vice president of Related Companies, met with roughly a dozen members of the press yesterday to discuss the progress of mega mixed-use development Hudson Yards and to host a guided tour of the Eastern Rail Yard at the West Side development site.

Related’s tour focused on 10 Hudson Yards, the only building that’s above foundation level on the Eastern Rail Yard. Work on the Eastern Rail Yard commenced in March. The building at 10 Hudson Yards will be a 52-story, 1.7-million-square-foot commercial and retail building. So far the building is at 11 stories high. Read More

On the Market

LargaVista and Related Seek ‘Gateway to Soho’ Tenants

300 Lafayette

LargaVista Companies and Related Companies showed off the green-laden and glassy designs for their planned seven-story, 83,000-square-foot retail and office building coming to 300 Lafayette Street in Soho at a party for brokers on the site last night.

Architect Rick Cook of Cook + Fox Architects presented his Landmarks Preservation Commmision-approved plans which will incorporate a three-floor prime retail space and 11,500-square-feet of outdoor garden terraces at the event sponsored by CBRE, the building’s leasing agent. Read More

Sales Beat

Prudential, L&L Acquire 511-541 West 25th Street

511 West 25th Street. (PropertyShark)

Prudential Real Estate Investors and L&L Holding Company have acquired 511-541 West 25th Street from the Related Companies in a $160 million joint venture, the buyers announced in a statement yesterday.

The interconnected office properties are located in the shadow of the High Line and boast 200,000 square feet of space and 300 feet of retail frontage. The century-old buildings were renovated within the past two years. Read More