[NYguy]

http://online.wsj.com/news/articles/...82922710129200

Spitzer Back in Business
Former Gov. Eliot Spitzer Making Another Attention-Grabbing Move in a Different Arena: Skyscrapers





By Eliot Brown
Dec. 26, 2013

Less than four months after losing his bid at a political comeback, former New York Gov. Eliot Spitzer is making another attention-grabbing move in a different arena: skyscrapers.

Mr. Spitzer said he is planning a large real estate development on Manhattan's far West Side; last week his family's firm—under his direction—paid $88 million for a vacant property where an office or hotel tower could be built.

"Building is not only fun to do and interesting to do, but long-term this city is the best place to invest," Mr. Spitzer said Thursday, adding that he hasn't yet drawn up any plans for the site at 511 W. 35th St., part of the emerging Hudson Yards neighborhood.

Mr. Spitzer acted swiftly after the previous owner, Alloy Development, listed the site for sale in late November.

"There were several bids, but he moved like lightning," said Robert Knakal, chairman of Massey Knakal Realty Services, which marketed the property.

On the site, which is vacant, Mr. Spitzer could build as much as 415,000 square feet and a mix of office space or hotel space and residential. Alloy had planned a large office tower and had been in talks with multiple large tenants that ended up going elsewhere.

Mr. Spitzer may try to cut deals with neighbors to expand the site since mid-block properties aren't as appealing corner ones.

One potential obstacle: the area's most active developer, Related, has a deal to buy the property just to the west of Mr. Spitzer's site.

"Related is a good company, so we'll see what happens," Mr. Spitzer said, adding he could build without expanding the property. "They obviously are the 800-pound gorilla."