Related Companies has its sights set on bringing another office building to Hudson Yards.
Stephen Ross’ firm is planning a 25-story, 750,000-square-foot project at 514 West 36th Street on Manhattan’s Far West Side, according to permits filed Monday. It would include ground-floor retail and cost roughly $20.7 million to develop, according to the plans.
Related purchased the site in 2018 for $96 million from Eliot Spitzer. The property, which also uses the address 517 West 35th Street, was at one time part of a 1.4 million-square-foot, mixed-use project the company was developing with Spitzer on adjacent sites in Hudson Yards.
Related’s new office property would be across the street from Tishman Speyer’s much taller Spiral, a 65-story, 2.8-million-square-foot office building nearing completion at 66 Hudson Boulevard.
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Related’s plans for another Hudson Yards office property comes as the firm is finishing one of New York City’s most expensive office projects, 50 Hudson Yards. Notable tenants at the 58-story, 2.8-million-square foot tower will include BlackRock, Meta, Truist Financial and Vista Equity Partners.
The $4 billion project at 502 West 34th Street recently landed a $349 million construction loan from Wells Fargo and is expected to be completed this year.
Related has also teamed up with Wynn Resorts in a bid for one of three casino licenses being dangled by the Hochul administration. The partners’ proposed casino would be next to the Javits Center on the undeveloped western side of Hudson Yards.
Manhattan’s office market appears to be gaining some traction. The borough’s availability rate dropped in the third quarter to 16.4 percent, its lowest level since March 2021, according to a report from Colliers. Tenants leased 9.2 million square feet in the quarter, up 26 percent from the previous quarter and 28 percent from the same period last year.
More workers are returning to their offices, as desk visitation rose to 47.8 percent for the week ending Oct. 12, according to card-swipe data by Kastle Systems. However, Kastle does not take into account buildings operated by some of the city’s biggest office landlords, including Related.