Mori Trust pays $541M to Related, Oxford Properties for hotel, office, retail, in Hudson Yards

The Japan-based Mori Trust paid $541 million to Related Companies and Oxford Properties Group for four commercial condominium units, including hotel, office and retail, comprising the lower portion of 35 Hudson Yards up to the 38th floor. As of Friday afternoon, four transactions totaling only a fraction of the total, or $37.98 million, had been recorded.
Mori Trust issued a press release November 18 announcing the purchase which includes an Equinox branded hotel. The total amount purchased was 490,128 square feet, or about $1,104 per square foot.

The signatory for Mori Trust was Shin Takahashi . The contract date was October 14, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mori Trust 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 69 properties in 65 transactions for a total of $1.1 billion over the same time period.

The property

The hotel condo in Hudson Yards has 198,784 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 198,784 square feet. The city-designated market value for the property in 2022 is $126.6 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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 27, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by ERY NORTH TOWER RHC TENANT LLC to create 136 residential units and 1 commercial units in a building at 35 Hudson Yards in Hudson Yards, Manhattan, called 35 Hudson Yards Condominium, according to an September 26, 2016 submission to the New York State Attorney General. The principals of the sponsor, ERY NORTH TOWER RHC TENANT LLC, were Bruce Beal, Jr., Jeff Blau, Gregory Gushee, Michael Iannacone, and Stephen Ross.

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 the 41st highest sale turnover among other neighborhoods in Manhattan with $34.8 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 1,835,464 square feet of the 1,842,264 square feet. The two identified owners are Related Companies and Mta.
On the tax block, there were three new building construction projects totaling 7,051,133 square feet. The largest is a 392-unit, 6,180,866 square-foot residential (R-2) building submitted by Related Companies and filed by Gregory Gushee with plans filed December 16, 2013 and permitted January 21, 2016. The second largest is a 356-unit, 870,266 square-foot residential (R-2) building submitted by Bruce Beal, Jr.|Jeff Blau|Gregory Gushee|Michael Iannacone|Stephen Ross and filed by Lotfalla Emad with plans filed January 23, 2015 and permitted June 20, 2016.

The majority, or 100 percent of the 1.8 million square feet of built space are office buildings, with specialty buildings next occupying 0 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 $7.4 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.
The PincusCo database currently indicates that Oxford Properties Group owned at least two commercial properties in New York City with 3,357,191 square feet and a city-determined market value of $1.5 billion. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are office properties. They are all located in Manhattan.

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