As of this writing, the development site at 360 Tenth Avenue is home to Reserve Padel, an outdoor padel club (not to be confused with pickleball) with three courts, elevated viewing areas, a grab-and-go cafe, and a fully stocked shop. But earlier this summer, site owner McCourt Global released new renderings and details of their plans for a supertall office building to rise on the full blockfront site.
According to the developer’s website, a one-million-square-foot Class A office tower with state-of-the-art environmental and health infrastructure is planned. The building incrementally tapers as it rises to a height of approximately 1,000'. Floor plates on the upper floors would be relatively shallow for an office building, ideal for high-end boutique tenants. Pre-leasing is expected to begin this year, and construction is expected to commence in 2024.
According to the developer’s website, a one-million-square-foot Class A office tower with state-of-the-art environmental and health infrastructure is planned. The building incrementally tapers as it rises to a height of approximately 1,000'. Floor plates on the upper floors would be relatively shallow for an office building, ideal for high-end boutique tenants. Pre-leasing is expected to begin this year, and construction is expected to commence in 2024.
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Plans for the site date back to 2005, when Hudson Yards was still a twinkle in developers’ eyes, and developer Gary Barnett purchased it for $23 million. Over the next few years, Mr. Barnett’s firm, Extell Development, purchased more parcels and announced grand plans for a 61-story, 600,000-square-foot tower to be designed by Steven Holl and feature offices, a hotel, 155 condos, and an elevated pedestrian bridge connecting the new building to the High Line.
However, in the wake of the Great Recession, Extell defaulted on a $29 million loan in 2009, which led to Barclays seizing the parcel in 2011. Two years later, the lender sold the site to a partnership between Sherwood Equities and Long Wharf Real Estate Partners for $43.5 million. In 2013, Boston-based McCourt Global made its first New York acquisition by buying the site for $167 million, more than three times what the previous owners paid and more than seven times what Mr. Barnett paid for it.
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New York’s lackluster office market may have some scratching their heads about the plan for the site, but there is no question that its neighborhood has experienced a boom in the years following McCourt Global’s purchase. The 7 train extension, which was instrumental in the Hudson Yards development, has greatly improved access to the Far West Side.
Earlier this summer, the High Line-Moynihan Connector opened to connect the elevated park to public space surrounding Moynihan Train Hall. Hudson Yards recently welcomed new seasonal restaurant Verano, and cultural center The Shed is gearing up for the first performances of Here We Are, the last musical written by Stephen Sondheim. Moreover, between the condos of Hudson Yards and the architecturally adventurous buildings surrounding the High Line, the surrounding area is home to some of the city’s most luxurious real estate.
Haddon Hall, #6J (Compass)
Five One Five, #7N (Douglas Elliman Real Estate)
Soori High Line, #9C (Compass)
Fifteen Hudson Yards, #66E
$6,195,000 (-8.9%)
Midtown West | Condominium | 2 Bedrooms, 2.5 Baths | 2,502 ft2
Fifteen Hudson Yards, #66E (Corcoran Group)
Would you like to tour any of these properties?
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Or call us at (212) 755-5544
Would you like to tour any of these properties?