VACANT PARCEL IN HUDSON YARDS SELLS FOR $167.3M

NEW YORK CITY — Manhattan-based owner and developer Sherwood Equities and Boston-based Long Wharf Real Estate Partners LLC have sold a 26,000-square-foot parcel of vacant land at the southern end of Hudson Yards in New York City for $167.3 million. Sherwood and Long Wharf sold the land to the McCourt Group, an organization headed by Frank McCourt, the former owner of the Los Angeles Dodgers. The property is located at 360 Tenth Ave., on the corner of Tenth Avenue and West 30th Street, next to the Spur at the High Line Park. The sellers purchased the land back in 2011 for $43.5 million. The site at 360 Tenth Ave. is zoned for mixed-use, allowing for both commercial and residential uses. McCourt Group will have an opportunity to purchase an additional 436,000 square feet from the city of New York for a total development of 733,000 square feet.