NEW YORK CITY-The Related Companies is in contract to acquire 517 West 35th St., a site that could reap the developer a large project if it decides to later purchase the property's air rights.
The site can now feature 235,000 square feet of development as of right, according to Crain's New York Business, but that development threshold could double if Related acquires air rights for the property. Related could pay as much as $75 million for the land, according to the newspaper.
The property under contract runs through West 35th Street to West 36th Street and will occupy the whole blockfront on Hudson Park and Boulevard, a new street and a band of parkland that the city is building between 10th and 11th avenues. See story in Crain's New York Business.
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