Former L.A. Dodgers Owner Enters NYC Real Estate Market with Planned Mixed-Use Project On West Side
A group led by Frank McCourt, the former owner of the Los Angeles Dodgers who started his CRE career as a developer in Boston, has acquired a vacant parcel at 360 Tenth Ave. in New York City for development of mixed retail, commercial and residential project.
The developer's group, McCourt Partners, purchased the property on the northeast corner of 30th Street from Sherwood Equities for $167.5 million. The property is zoned for up to 733,406 square feet of total floor area. McCourt Partners intends to immediately begin pre-development activities, including the selection of an architect.
"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," said Frank McCourt, chairman and CEO of McCourt Global.
While it's McCourt's first venture in New York City, the project "fits perfectly into our investment strategy of identifying and executing on investment opportunities that offer significant long-term value," he said.