Time Warner Inc. was rumored to be eyeing space at Hudson Yards as early as last spring, but only this month did the company confirm it would anchor Related Companies’ 30 Hudson Yards, an 80-story tower on the Far West Side. Concurrently, Related agreed to a deal to buy back the Time Warner Center in Columbus Circle for $1.3 billion and will market space there for the first time since the building came online a decade ago. The complex deals, which include a significant financial commitment to Hudson Yards by Time Warner, are vital for the ambitious development and another victory for Related Chairman Stephen Ross, who has long championed the viability of his plans for the once-barren pocket of Manhattan.
Mr. Ross' Neighborhood
On a recent evening at the 92nd Street Y, Stephen Ross, chairman of the Related Companies, reflected on four decades of transformation—for the city, where he has built more apartments than almost any other developer of his generation, and also for himself. In September, Mr. Ross, 72, stepped down as the CEO of the once-humble affordable housing outfit he transformed into a luxury real estate behemoth.
Not that he’s stepping aside. There he was a few weeks later, alongside Mayor Bloomberg and Council Speaker Christine Quinn on the formerly desolate Far West Side, breaking ground on the Hudson Yards project, a glass and steel city within a city that is actually larger, in terms of square footage, than downtown Portland or downtown Baltimore.
As if there was not enough anticipation surrounding the construction of Hudson Yards, here is probably the one reason to trump any other: Danny Meyer will be setting up shop on the Far West Side.
The Related Companies and Union Square Hospitality announced a new partnership today, whereby Steve Ross and his globetrotting development company will take a stake in Union Square Events. While not encompassing all of the restauranteurs operations, USE offers more than just catering but also runs the sports venue operations for Mr. Meyers sprawling eatery empire, and now it will do even more. So no fine dining, necessarily, but Mr. Meyer will be offering a range of culinary options, from private residential dining to catering events in Hudson Yards buildings as well as operating restaurants and outdoor cafes.
It’s the great white whale of Manhattan retail.
Aside from Walmart, Nordstrom is the store every retail broker in the city dreams of harpooning and reeling into a new home. One prominent broker familiar with the store, the amount of space it needs and the rents it would probably be willing to pay estimates that the commission for handling its lease would be around $10 million.
But like a leviathan lurking beneath the waves, the department store has offered only fleeting glimpses around the city, most notably at several development sites and a few existing assets with the capacity to accommodate its sprawling footprint.
The scuttlebutt nowadays: Nordstrom is contemplating one of two leases, one at the West Side rail yards with the Related Companies or another at the base of Extell Development’s soaring new residential tower now rising at 157 West 57th Street.
The weekly phone calls. The dinner invites. The gifts.
When representatives from Walmart, the nation’s largest retailer, waltz into the New York Hilton for this year’s two-day International Council of Shopping Centers conference, many of the city’s most intrepid retail brokers will be close behind them, perhaps even plying those officials with compliments, dinner invitations and business opportunities.
Luxury handbag stalwart Coach will relocate its offices to the Hudson Yards, scooping up approximately one-third of the planned south office tower as a commercial condo in a deal that will give the New York City-based company approximately 600,000 square feet.
Coach will move its corporate headquarters and consolidate three New York City offices into the building by 2015. The 1.8 million-square-foot tower, at the northwest corner of West 30th Street and Tenth Avenue, is one of 14 residential, commercial and retail assets envisioned by the Related Companies at its far West Side development site.
On Nov. 15, Stephen Ross, chairman of the Related Companies and owner of the Miami Dolphins, strode into Room 238 of the New York State Supreme Court, four minutes after litigation over 3 Columbus Circle was slated to begin. A dozen lawyers waited around a square table in the center of the room, rattling gold Read More
Mort Zuckerman is out of the running for the country’s tallest building.
Boston Properties, the real estate firm which the Daily News publisher chairs, on Monday pulled out of a three-way race to buy a stake in One World Trade Center, according to multiple government officials and a real estate executive. Mr. Zuckerman leaves behind Read More
A $1 billion deal to develop the giant West Side rail yards is up for approval by an M.T.A. committee on Monday, as the development giant Related Companies has nearly completed an agreement with the M.T.A. to develop the property.
The deal calls for Related to begin paying rent on the property, a 26-acre swath of Read More
Apparently it takes a lot longer to sign a development contract when construction is only theoretical, compared with when shovels are ready to hit the ground.
For the second time in three months, and the fourth time in a year and a half, the anticipated contract for the Related Companies to develop the Read More