Related Companies plans to build a supertall skyscraper on Madison Avenue rising to 1,200 feet, Related CEO Jeff Blau revealed to Realty Check.
Related recently closed on the $632 million purchase of the site from SL Green, Blau said. The contract was announced by SL Green in December but the closing hasn’t yet been posted on the city Finance Dept. website.In the wake of the new project, co-founder Stephen M. Ross left Related to set up a new development company in South Florida.The new supertall can be built “all as of right,” Blau said – apparently meaning it required no zoning changes or city land-use review.
Of course, the most ambitious item on Related’s Big Apple agenda is its proposal to build a 3 million-square-foot, Wynn-branded casino resort on Hudson Yards’ still undeveloped western side.Blau couldn’t contain his enthusiasm for Related’s $12 billion plan to finally build out the entire western yard.
State officials are eager to see the completion of Related’s entire 26-acre Hudson Yards site. But other casino-partnership proposals also promise extensive neighborhood benefits.NYC’s MetLife Building picks major firm to run iconic tower in surprise twistSL Green, for example, touts its dream of a Caesars-branded casino at 1515 Broadway as necessary to arrest Times Square’s recent decline.