Related Is This Close to Signing Its First Hudson Yards Lease
Matt Chaban July 20, 2011, 6:46 p.m.
And then it can start building.
Rumors of Coach signing a leasing at Hudson Yards are nothing new, and First Boston is also interested in the far West Side, as The Observer recently reported. Now, Crain’s says Related is approaching a done deal with the bag and belt maker, and it means more than just some fresh ink.
[I]f finalized, Related would finally be able to secure the financing needed to begin construction on the 26-acre site bounded between Tenth and Twelfth avenues and running from West 30th Street to West 33rd Street. Related signed a contract with the Metropolitan Transportation Authority to develop Hudson Yards in spring 2010, but the developer still has to reach a number of economic benchmarks before it can close and sign the 99-year ground lease and begin construction.A spokeswoman for Related said the firm is talking to more than a dozen potential tenants, but declined to comment on any specific tenants or discussions.
A dozen potential tenants? It could get crowded over those railroad tracks real quick.