McCourt Partners enters New York City Real Estate Market with Planned Mixed-Use Development on Manhattan’s West Side

09/03/13 |
MG Properties
McCourt Global, a diversified investment firm focused on creating long-term value through strategic investments in real estate, private equity, sports and media, today announced that McCourt Partners, a venture managed by McCourt Global, has completed the purchase of a vacant parcel of land at 360 Tenth Avenue in New York City. McCourt Partners intends to develop a large, mixed-use property on the site that will include retail, commercial and residential components.

“We are tremendously excited to enter the New York City market by purchasing a property in one of the most dynamic and exciting area of Manhattan for real estate development,” said Frank McCourt, Chairman and Chief Executive Officer of McCourt Global. “360 Tenth Avenue is ideally placed for retail, residential and commercial use. It is adjacent to both the Hudson Yards project and the planned extension of the High Line park, which is scheduled to open in 2014. We are very optimistic about the long-term opportunities in the New York City real estate market, and we believe the value of this area in particular will increase substantially over the next decade. We look forward to developing an important new building that will tap in to the vibrant artistic and creative community of this neighborhood and add to the excitement of the West Side.”

“The development project at 360 Tenth Avenue, while our first in New York City, fits perfectly into our investment strategy of identifying and executing on investment opportunities that offer significant long-term value,” added Mr. McCourt. “We bring a diverse set of financial, operating and management skills to our projects, and we have built a strong track record of successful investment and development projects.”

Under the terms of the agreement, McCourt Partners purchased 360 Tenth Avenue, on the northeast corner of 30th Street, from Sherwood Equities for approximately $167.5 million. The property is zoned for up to 733,406 square feet of Total Zoning Floor Area (ZFA). It is within walking distance of Penn Station, the Port Authority Bus Terminal, the Jacob Javits Convention Center and the newly planned number 7 subway line extension, as well as the recently developed North Chelsea neighborhood, which includes a diverse array of restaurants, art galleries, retail and residential properties. McCourt Partners intends to immediately begin the pre-development stage of the project, including the architect selection process.

McCourt Global is a diversified investment firm focused on creating long-term value through strategic investments in real estate, private equity, sports and media. Prior endeavors include the development of Boston’s Seaport and the ownership of the Los Angeles Dodgers. McCourt Global also owns the operating rights to the ASICS LA Marathon.