View Single Post
  #16  
Old Posted Sep 3, 2013, 1:50 PM
j-biz j-biz is offline
Registered User
 
Join Date: May 2013
Location: Brooklyn, NY
Posts: 111
This property changes hands once again, with a huge return.

Frank McCourt Buys $167 Million Manhattan Site
By LAURA KUSISTO
September 3, 2013 | Wall Street Journal

Quote:
Former Los Angeles Dodgers owner Frank McCourt, who made his early fortune as a Boston developer, has made his first major New York purchase: a roughly $167 million development site on Manhattan's West Side.

Mr. McCourt plans soon to begin developing on the site of what would be his largest real-estate development ever.

His plans call for a 730,000-square-foot tower on the site, which would include both residential and office space, according to a person familiar with the company's plans.

The property sits in the heart of a new $15 billion office and residential district planned for the city's far West Side.

Mr. McCourt's Los Angeles-based real-estate investment company, McCourt Group, opened an office in midtown Manhattan in January and has been scouting the city for investments.

The deal underscores the sharp increases in prime Manhattan property in the past few years.

McCourt Group, which planned to announce the deal Tuesday morning, will pay more than triple what the previous owners, New York-based Sherwood Equities and Boston-based Long Wharf Real Estate Partners, paid in 2011.

Sherwood bought the property at 10th Avenue and 30th Street for $43.5 million after Barclays Capital Real Estate had taken it back from a prior owner.
Reply With Quote