The Japanese company Mitsui Fudosan has taken a controlling interest in a new Hudson Yards tower slated to be built at 11th Ave. and 34th St. in Manhattan from Stephen Ross’ Related Companies for $258.78 million.
Fudosan now owns 92.09% of the project.
To be located at 11th Avenue between 33rd and 24th Streets, the 50 story tower will be called 55 Hudson Yards and will hold 1.3 million square feet of space.
Construction on the new tower is expected to begin in the spring.
Mitsui Fudosan America also owns New York properties like the Rockefeller Center office tower, 1251 Avenue of the Americas and is also a partner in the 391-unit 160 Madison rental building.
Mark Weiss, vice chairman at brokerage Newmark Grubb Knight Frank, commented about the sale to The New York Daily News, “In the past, the major Japanese investments in New York City have been in trophy properties in long-established, premiere locations. This is an enormous vote of confidence for the prospective shifting of the nucleus of Manhattan’s central business district to the west side.”