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.
Frank McCourt plans a 730,000-square-foot tower on the 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. ...
The Bloomberg administration and developers are betting that with $3 billion of new infrastructure, including new parks and the extension of the No. 7 subway line west of Times Square, the far West Side of Manhattan could be the city’s new premier office district.
The development was delayed for years by the recession, however.
“I think if you asked people a year ago about this district, still they would say ‘Are you crazy?’ Quite a number of people now understand there’s something extraordinary going on,” Mr. Katz said.
Related Cos. broke ground in late 2012 on a new 46-story tower for handbag manufacturer Coach Inc., COH +0.62% right across the street from the new McCourt site.
Also, here’s a quick-and-dirty analysis from Benjamin Kabak, proprietor of Second Avenue Sagas (Ben also publishes River Avenue Blues):
The one-stop 7 line extension to 34th St. and 11th Ave. is set to open by next June, and the city has paid over $2 billion to the MTA to build this transit spur in the hopes of realizing the value in Manhattan’s last undeveloped frontier. So far, what I once derided as a Subway to Nowhere is shaping up to be the prime mover in something that is most definitely transit-oriented development within the boundaries of Manhattan. - See more at: http://secondavenuesagas.com/2013/09/04/what-the-7-line-extension-hath-wrought/#comments