Kuwait Investment Authority buys stake in Related, Oxford’s 70 Hudson Yards valued at $412.6M

Kuwait Investment Authority acquired an interest valued at $412.6 million in Related Companies and Oxford Properties Group’s office development project at 70 Hudson Yards, also known as 514 West 36th Street in Hudson Yards, Manhattan.
The deal closed on December 23, 2025 and was recorded on January 5, 2026. The property has zero square feet of built space and the developers have planned a 1.4 million square foot tower.

The Commercial Observer reported yesterday that Related and Oxford had obtained a $1.6 billion construction loan.

In addition, city records showed Related Companies paid property owner and garment manufacturer Soheil Khayyam $52 million for 467 10th Avenue, which is adjacent to 70 Hudson Yards.
Kuwait Investment Authority was an early investor in Hudson Yards.

The Wall Street Journal reported in April 2025 that Deloitte would lease nearly 75 percent of 70 Hudson Yards.  It’s unclear what this $412.6 million represents as a percent of the total equity of 70 Hudson Yards. In another transaction, valued at $93.7 million, Oxford Property Group was a buyer, but again it’s unclear how that $93 million in represented in a capital stack.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Kuwait Investment Authority had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Related Companies purchased five properties in four transactions for a total of $984 million and sold 76 properties in 69 transactions for a total of $1.4 billion over the same time period.

The property

The parcel has frontage of 218 feet and is 197 feet deep with a total lot size of 40,681 square feet. The lot is irregular. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $34.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $11,250 in ECB penalties and $11,250 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, M08018629, for a 565,049 square-foot B building, but the plans will be revised to reflect the larger, 1.4 million expected. The project was submitted by Related Companies and filed by Jonathan Etra with plans filed October 21, 2022 and permitted February 14, 2025.

The neighborhood

In Hudson Yards, The majority, or 59 percent of the 16.8 million square feet of commercial built space are office buildings, with elevator buildings next occupying 22 percent of the space. In sales, Hudson Yards has had very little sales volume relative to other neighborhoods with $128.8 million in sales volume in the last two years. For development, Hudson Yards has near average amount of major developments among other neighborhoods and is the 25th highest in Manhattan. It had 1.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the nine commercial properties representing 511,325 square feet of the 555,773 square feet. The identified owner is Related Companies.
On the tax block, there were two new building construction projects totaling 979,363 square feet. The largest is a 565,049 square-foot business (B) building submitted by Related Companies and filed by Jonathan Etra with plans filed October 21, 2022 and permitted February 14, 2025. The second largest is a 526-unit, 414,314 square-foot residential (R-2) building submitted by Related Companies and filed by Bryan Cho with plans filed June 7, 2019 and permitted December 10, 2019.

The majority, or 92 percent of the 555,773 square feet of built space are elevator buildings, with industrial buildings next occupying 8 percent of the space.

The seller

The PincusCo database currently indicates that Related Companies owned at least 121 commercial properties with 7,784 residential units in New York City with 19,855,158 square feet and a city-determined market value of $6.1 billion. (Market value is typically about 50% of actual value.) The portfolio has $6.7 billion in debt, with top three lenders as Wells Fargo, Wells Fargo, and Deutsche Bank respectively. Within the portfolio, the bulk, or 36 percent of the 19,855,158 square feet of built space are elevator properties, with office properties next occupying 35 percent of the space. The bulk, or 71 percent of the built space, is in Manhattan, with Bronx next at 13 percent of the space.

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