Hudson Yards office co-op sells for $8.6M

The entity Venmel 8, LLC paid Enterprise Asset Management through the entity Studio Management Corp., $8.6 million for the eighth-floor office cooperative unit at 450 West 31st Street in Hudson Yards, Manhattan.
The deal closed on September 30, 2021 and was recorded on October 13, 2021.

This is at least the second floor purchased by the buyer. The true owner could not be determined as of publication. A company called Venmel LLC bought the 12th floor/penthouse in 2018. That entity submitted an application to the Department of City Planning at some time this year to buy additional air rights.

According to city records, that application was a “Private application submitted by Venmel LLC, for a certification by the Chair of the City Planning Commission pursuant to Section 93-31 of the Zoning Resolution in order to make a contribution to the Hudson Yards District Improvement Fund to increase the maximum permissible FAR on Block 728, Lots 60 and 69 from 10.0 to 10.17 FAR. Based on the Development Sites 39,675 square feet, the floor area increase sought of 6,635 square feet results in a 0.17 FAR increase of the maximum base FAR of 10.0.”

450 West 31st Street is a commercial co-op building owned by multiple companies. It is situated across from Brookfield Properties’ Manhattan West assets, and faces Related Companies Hudson Yards complex. Affiliates of The Real Deal own floor four in the building.

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