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Related acquires 517 West 35th Street

Deal has been in contract since 2013

Rendering 591 Third Avenue (Credit: Linley)

Related has closed on its acquisition of 517 West 35th Street from HLM Realty for $96 million. The lot allows for the development of 234,000 SF, and will be part of the 1.4 million SF mixed-use project that Related is developing with Spitzer Enterprises.

Some things are worth waiting for… The firm signed a contract to buy the Far West Side lot in August 2013.

Acquisition Financing: Mack Real Estate Credit Strategies provided the developer with a $65 million loan.

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