Related pays $77M to Spitzer Enterprises for three parcels in Hell’s Kitchen

Related Companies through the entity 517 West 35th LLC paid $77 million to Spitzer Enterprises through the entity 511 West 35th Street Development LLC for three properties including the industrial (G7) property at 511 West 35th Street in Hell’s Kitchen, Manhattan, industrial (G7) at 506 West 36th Street in Hell’s Kitchen, Manhattan, and industrial (G7) at 512 West 36th Street in Hell’s Kitchen, Manhattan.
The deal closed on October 18, 2021 and was recorded on October 28, 2021. The Real Deal reported on the sale yesterday.
The three properties have 0 square feet of built space and 172,810 square feet of additional air rights for a total buildable of 172,810 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $445 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 Spitzer Enterprises was Eliot Spitzer. The signatory for Related Companies was Andrew Rosen.

Spitzer bought the parcels in December 2013 for $88 million, then in October 2019 sold development rights to Related for $27.26 million, so Spitzer made a gross profit $16.26 million.

Within a 400-foot radius of 511 West 35th Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit issued on May 18, 2020 for a 414,314-square-foot R-2 building with 526 residential units at 451 10th Avenue.
Of those four items, three were loans above $5 million totaling $451.3 million. The most recent of the three was Alder Group which borrowed $20.0 million from Apple Bank For Savings secured by the 241,508-square-foot, 16-unit office building (O6) on 469 10th Avenue on July 22, 2021.

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