Related pays $52M to Soheil Khayyam for parcel adjacent to 70 Hudson Yards dev site

Related Companies through the entity 467 Tenth Owner LLC paid $52 million to Soheil Khayyam through the entity Dagyam 467 10th Avenue Inc. for the industrial building (E1) at 467 10th Avenue in Hudson Yards, Manhattan. The expected use is cash flowing.
The deal closed on December 23, 2025 and was recorded on January 5, 2026. The property has 44,448 square feet of built space and 29,632 square feet of additional air rights for a total buildable of 74,080 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,169 and the price per buildable square foot is $701 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Soheil Khayyam was Soheil Khayyam. The signatory for Related Companies was Andrew Cantor . The contract date was July 11, 2025. This parcel is adjacent to Related’s 70 Hudson Yards project, M08018629, but is not included in the footprint. Khayyam paid $2.5 million in 1985 for the parcel, according to transfer record data.

Related Companies and Oxford Properties Group are building a 1.4 million square foot tower at 70 Hudson Yards.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer 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 past 24 months.
The seller Soheil Khayyam had not purchased any other properties and had not sold any properties over the same time period. The 44,448-square-foot property generated revenue of $2.4 million or $54 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Hudson Yards has 44,448 square feet of built space and 29,632 square feet of additional air rights for a total buildable of 74,080 square feet according to a PincusCo analysis of city data. The parcel has frontage of 74 feet and is 100 feet deep with a total lot size of 7,408 square feet. 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 $14.9 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 one DOB violation and $1,650 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

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 two identified owners are Spitzer Enterprises and 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 buyer

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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