Kuwaiti Government Buys Stake in 70 Hudson Yards as Related Acquires Air Rights

By Mark Hallum January 6, 2026 12:03 pm

Related Companies' Jeff Blau and a rendering of 70 Hudson Yards. PHOTO AND RENDERING: Courtesy Related Companies

Related Companies continues to get its ducks in a row to build 70 Hudson Yards.

Kuwait Investment Authority, the sovereign wealth fund of Kuwait, has acquired a stake valued at $412.6 million in the Hudson Yards office development. Meanwhile, Related and Oxford Properties Group closed on a $52 million sale for the nearby prewar apartment building at 467 10th Avenue for its air rights, according to property records and reports.

This follows news from Monday that Related and Oxford closed on a $2.45 billion capitalization for the construction of the 72-story, 1.1 million-square-foot 70 Hudson Yards, in a financing package likely to set the high-water mark for 2026.

PincusCo was first to report Kuwait Investment Authority taking part ownership in 70 Hudson Yards.

The seller of 467 10th Avenue was an entity associated with Soheil Khayyam, who bought the property in 1986 for an undisclosed amount, New York City Department of Finance filings show.

The six-story prewar building is adjacent to 455 10th Avenue, a Related-owned residential building known as the Set. The air rights transfer of the building at 467 10th Avenue will facilitate the construction of 70 Hudson Yards.

Financial advisory firm Deloitte has already pre-leased 800,000 square feet at 70 Hudson Yards, representing one of the top 10 lease deals of 2025, as Commercial Observer previously reported.

While Khayyam is also the owner of a 35-unit apartment building at 65 Bank Street in the West Village — which was purchased for $31 million in 2017 — not much is known about any other real estate holdings in the investor’s possession.

Khayyam could not be reached for comment. Related declined to comment while Oxford did not immediately respond to a request for comment.

While not directly related to this site, the New York City Council approved a rezoning plan in June that would allow Related to add 4,000 units of new housing — about 625 of which would be permanently affordable — across two towers in Hudson Yards.

Mark Hallum can be reached at mhallum@commercialobserver.com.