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Tokyo-based real estate firm Mori Trust has acquired a minority ownership stake in 35 Hudson Yards, the tallest residential building within the Hudson Yards mixed-use development on Manhattan’s Far West Side. The company purchased the lower 38 floors of the 92-story tower located at 500 W. 33rd Street. While the exact financial terms of the transaction were not disclosed, Bloomberg News reported the acquisition price was approximately $540 million.
The lower portion of the $2 billion tower, developed by Related Companies and Oxford Properties, features a 212-room Equinox Hotel, along with office and retail space. The upper floors of the building house luxury residential condominiums.
“Acquiring high-quality properties overseas, such as 35 Hudson Yards, contributes to the stability and sustainability of our asset portfolio and will drive further growth in the future,” said Mori Trust President and CEO Miwako Date in a statement.
The sellers in the transaction were represented by a Newmark team led by Adam Spies, Doug Harmon, and Marcella Fasulo.
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