By Al Barbarino
Real estate developer and manager Related Companies has closed on the purchase of a 195,000 s/f building located at 511 West 25th Street for $93 million, city records show.
The building currently houses creative companies that are commonplace in the neighborhood, including Tesla Motors, maker of high-end electric cars; McKenzie Fine Art and Amsterdam Whitney Fine Art.
Related is already putting its stamp on the area as developer of the Hudson Yards project, which is located several blocks north of this latest acquisition.
That project is zoned for 12 million square feet of commercial and residential development and will include a new public school and over 12 acres of open public space, according to the company’s website.
Related is perhaps best known for its role in developing the 2.8 million-square-foot Time Warner Center towers on Columbus Circle. The company also owns a wealth of luxury condo and rental buildings throughout New York and the United States.
Related did not return phone calls seeking comment on its latest acquisition.
