New York City, January 8, 2026
Related Companies has acquired the industrial building at 467 10th Avenue for $52 million, enhancing the development potential of 70 Hudson Yards. This acquisition secures additional air rights and follows a significant financing package of $2.45 billion. The project will serve as the U.S. headquarters for Deloitte, leasing over 800,000 square feet and is set to commence vertical construction in early 2026, with completion anticipated by late 2028.
New York City
Related Companies Expands Hudson Yards Development with Strategic Acquisition
Acquisition of 467 10th Avenue Enhances 70 Hudson Yards Project
Related Companies has made a significant move in the ever-evolving Hudson Yards sector by acquiring the industrial building at 467 10th Avenue for $52 million. This purchase not only secures additional air rights but also strategically complements the ongoing development of the 72-story, 1.4 million-square-foot office tower at 70 Hudson Yards.
The six-story prewar building, sold by Soheil Khayyam, marks a pivotal step in Related’s efforts to consolidate properties and enhance the development potential of this ambitious project. This acquisition closely follows a substantial financing package of $2.45 billion, which includes the largest construction loan in New York since 2020. The project will serve as the U.S. headquarters for Deloitte, which has committed to leasing over 800,000 square feet of space.
Strengthening Hudson Yards: A Growing Business Hub
The Hudson Yards development stands as one of the most significant urban development initiatives on Manhattan’s West Side, showcasing a transformative project that has attracted major tenants and substantial investments. By securing air rights from the adjacent property, Related Companies aims to bolster the future success of 70 Hudson Yards, ensuring it meets both modern business needs and architectural aspirations.
Plans for Vertical Construction and Features of the Project
Notably, vertical construction for the 70 Hudson Yards project is slated to commence in early 2026, with an anticipated tenant move-in period starting in late 2028. The tower is designed to feature spacious outdoor terraces, expansive office floor plates, and breathtaking views of both the Hudson River and the iconic Manhattan skyline. These elements are expected to create a premier business environment that caters to the evolving needs of contemporary companies.
Potential Impact on the Local Economy
The acquisition and subsequent development of 70 Hudson Yards are anticipated to solidify the area’s reputation as a top destination for corporate headquarters and commercial office space within New York City. Furthermore, the project is likely to attract additional tenants and drive further investments into the Hudson Yards district, thereby contributing to its ongoing revitalization and economic growth.
Setting Standards for Future Developments
As the Hudson Yards continues to unfold, the successful execution of the 70 Hudson Yards project is expected to set a benchmark for future developments in this thriving area. With an emphasis on thoughtful design, sustainability, and tenant amenities, this project highlights the potential for innovation and impactful urban transformations within the greater New York City landscape.
Conclusion: A Bright Future for Hudson Yards
The acquisition of 467 10th Avenue represents a key milestone in Related Companies’ commitment to delivering high-quality urban developments that align with modern business practices. As this project progresses, it will not only reshape the architectural landscape of New York City but will also reinforce its position as a critical hub for economic activity and corporate presence.
As the community looks ahead, it’s essential to support the initiatives that drive this ongoing economic growth. Engaging with local businesses, staying informed about real estate developments, and championing innovative projects are ways in which residents and stakeholders can contribute to New York City’s vibrant future.
FAQs
What property did Related Companies acquire?
Related Companies acquired the industrial building at 467 10th Avenue for $52 million.
What will the acquired property contribute to?
The acquisition provides Related with 29,632 square feet of additional air rights, enhancing the development potential of the 70 Hudson Yards project.
Who will be the primary tenant of 70 Hudson Yards?
The primary tenant will be Deloitte, which has committed to leasing over 800,000 square feet of the building.
When is the vertical construction expected to start?
Vertical construction for 70 Hudson Yards is expected to commence in early 2026.
What impact will the completion of 70 Hudson Yards have?
The completion is anticipated to attract new businesses and contribute to the economic vitality of New York City.
Key Features of 70 Hudson Yards Development
| Feature | Description |
|---|---|
| Location | 467 10th Avenue, adjacent to 70 Hudson Yards |
| Acquisition Cost | $52 million |
| Air Rights | 29,632 square feet |
| Project Size | 1.4 million square feet |
| Main Tenant | Deloitte, leasing over 800,000 square feet |
| Construction Start | Expected in early 2026 |
| Completion Date | Anticipated by late 2028 |
Now Happening on X
- @business (Jan 5, 2026): Related Cos. and Oxford Properties Group secured a $1.6 billion construction loan and lined up more equity investors for Manhattan’s 70 Hudson Yards, a skyscraper that will serve as Deloitte’s US headquarters. View on X
- @tradedny (Jan 5, 2026): Wells Fargo, Bank of America, and Standard Chartered provide financing to Related Companies and Oxford Properties Group for the 70 Hudson Yards office project in Manhattan. View on X
- @trdny (Jan 5, 2026): Mack Real Estate Group took possession of a Hudson Yards development site from the Chetrit Group. View on X
- @NextMetropolis (Jan 5, 2026): A major financing package is pushing one of New York’s biggest post-pandemic office bets firmly into construction at Hudson Yards. Related Companies and Oxford Properties Group have secured a $1.6B construction loan for 70 Hudson Yards, completing a $2.45B capital stack for the project. View on X
- @CoyDavidsonCRE (Jan 6, 2026): Related Companies lands $2.45B financing for 70 Hudson Yards: NYC’s biggest office construction loan since 2020. Deloitte anchors with 800K+ SF lease. First major ground-up Manhattan tower in 5+ years. View on X
- @RealEstLaw360 (Jan 6, 2026): Related Companies and Oxford Properties Group said that they have fully capitalized their 70 Hudson Yards high-rise with $2.45 billion in financing as work on the 72-story project is underway. View on X
- @tradedny (Jan 6, 2026): Kuwait Investment Authority buys 514 West 36th Street development site in Hudson Yards, Manhattan from Related Companies and Oxford Properties Group for $412.6 million. View on X
- @tradedny (Jan 5, 2026): Mack Real Estate Group acquires 545 West 37th Street development site in Hudson Yards from Chetrit Group for $94 million. View on X
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