Related Companies pays $61M to William Dalessandro for portion of 50 Hudson Yards development site

Related Companies through the entity 50 HYMC Owner LLC paid William Dalessandro’s 503 West 33rd Street Associates, Inc. $60.6 million for 503 West 33rd Street in Hudson Yards. The deal closed on September 10, 2019, and was recorded on September 20, 2019. The transaction consists of 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1). The parcel has total development potential of 144,000 square feet.
The average sale price per square foot is $841.

Prior to this sale, Related had signed a 75-year ground lease with Dalessandro for the same property in November 2016, which the city valued for tax purposes at $60.82 million.

There has been one new building permit application totaling 2,264,732 square feet for 50 Hudson Yards. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.