601W Companies buys from SL Green Hudson Yards office property valued at $952.5M

Mark Karasick’s 601W Companies through the entity 601W Tenth Owner LLC paid SL Green Realty, Walter & Samuels and David Swersky’s 460W34 Owner LLC $809.9 million for 460 West 34th Street in Hudson Yards, according to property records, but for a total consideration of $952.5 million. The deal closed on December 18, 2020 and was recorded on January 14, 2021. The transaction consists of 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6)The property is 538,520 square feet. The parcel(s) have total development potential of 538,520 square feet.
The broker was Darcy Stacom of CBRE.

Amazon is a tenant in the building undergoing redevelopment. Mark Karasick leads the 601W Companies. SL Green owned 70.9 percent of the property and its entities controlled 91 percent of the deal, while Walter & Samuels had 3 percent and David Swersky had 6 percent. The price on the transfer was $809.9 million, while SL Green reported the “gross consideration” as $952.5 million, and it was retaining a 5 percent stake in the new ownership.. The contract date was October 26, 2020. The new secured debt was reduced by $35 million from the $600 million given in August 2020. The last time the property sold was May 1, 2019 for $291,734,080.
Over the past five years, there have been 51 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $11,150,000. There were 49 renovation/alteration projects (A2) applied for with a total estimated value of $77,048,122.

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