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Sandro Rosell
FC Barcelona President
Monday, September 25, 2017

St. John’s Terminal, the 1.1 million square-foot former warehouse, at 550 Washington Street is in contract to be acquired by Oxford Properties for about $700 million, or $443 per square foot. The West Village land can be redeveloped into a massive mixed-use complex with about 1.58 million square feet of residential, retail and office space.

As reported by the NY Post, the three-block-long complex has been sought after for decades for its potential in redevelopment. Surrounded by Washington, Clarkson and Spring streets and the West Side Highway, it has a supplementary 280,000 square feet of air rights. In addition, 200,000 square feet of air rights will be transferred from Pier 40 for an extra $100 million, as approved by the City Council in December. The Pier, located just across the highway, can use the money to fix its piles and roof.

The property is being purchased from owners Atlas Capital and Westbrook Partners. Westbrook replaced prior partner, Fortress in 2015. It was purchased from its longtime owner the Eugene Grant family in 2012 for $540.8 million. 

The developers attained permission to create five buildings with 1,586 apartments. Thirty percent of the apartments will be set aside for lower rents, and one of the buildings may specialize in senior residents. There will be a hotel, offices, and approximately 400,000 square feet of retail at the ground level. Vornado Realty Trust, Scott Rechler’s RXR and Brookfield were all bidders, each hoping to purchase the complex. Douglas Harmon and Adam Spies from Cushman & Wakefield were the seller’s brokers.

Oxford Properties Group, established in 1960, has over 2,000 employees and manages $40 billion of real assets. The Toronto-based buyer already owns 450 Park Avenue, the Olympic Tower in partnership with the Chera family, and the 28- acres of Hudson Yards with Related Companies. Oxford’s global real estate portfolio entails more than 150 properties spanning 56 million square feet, with over 9,500 residential units and 3,600 hotels rooms located primarily across Canada, Western Europe and select US markets.

By Hadassa Kalatizadeh