Deutsche Bank Finances Related High Line Acquisition
The Related Companies has closed on the acquisition of two sites along the High Line for the firm’s latest Hudson Yards development with a $125 million loan from Deutsche Bank (DB), city records show.
Related acquired the properties at 511-525 West 18th Street, a low-rise garage west of the High Line, and 131 10th Avenue, a parking lot that occupies the full block between West 18th and 19th Streets, for $205 million.
The New York-based mega developer purchased the sites from a partnership led by investors Barry Haskell, based in Brooklyn, and Matthew Resnicoff, based in Manhattan, according to the deed. The acquisition and financing closed on Dec. 23 and hit city records yesterday.
Crain’s New York Business first reported the news of the sale in May, citing sources that say Related will erect a 250-foot residential tower on the sites. The completed building will sit adjacent to the Frank Gehry-designed IAC headquarters building.
Related is developing several large residential and commercial towers in Hudson Yards, the largest private construction project in the country.
Representatives for Related and Deutsche Bank could not immediately be reached for comment.