SL Green Realty has acquired a majority stake in a 21-story building at 460 W. 34th St. in the Hudson Yards area of Manhattan, valuing the building at $440 million.
The investment marks SL Green’s first major investment in the Hudson Yards neighborhood.
The Kaufman Organization will maintain a minority interest in the property. SL Green plans to upgrade the 91-year-old building, including relocation of the building entrance from the 34th Street side of the building to 33rd Street, plus new elevators, storefronts, windows and infrastructure. The redevelopment will feature activation of numerous roof setback terraces. New oversized, industrial design windows, 13-foot-high floor slabs with mushroom capped columns and a new in-lobby coffee bar will provide an exciting and creative work environment in contrast to the surrounding new glass skyscrapers. The building’s location, in close proximity to the new Penn Station transit center, is singularly convenient to the many new neighborhood amenities emerging as part of the new Hudson Yards and Manhattan West developments.
The transaction is expected to close in the first half of 2019, subject to customary closing conditions.
