Sept. 3 (Bloomberg) -- A investor group led by former Los Angeles Dodgers owner Frank McCourt acquired a vacant land parcel near Manhattan’s High Line for about $167.5 million, with plans to build a mixed-use property.
The purchase of the 26,000-square foot (2,400-square-meter) development site at 360 10th Ave. was completed Aug. 30, according to a statement today from the property’s seller, Sherwood Equities and Long Wharf Real Estate Partners LLC. The firms bought the land in 2011 for $43.5 million.
The lot, between 30th and 31st streets, is the first acquisition in New York City for McCourt Partners. The firm plans a project that will include retail, commercial space and residential units, according to a separate statement from the buyer. The parcel is near the northern end of the High Line, the elevated park on the site of a former rail crossing.
“We are very optimistic about the long-term opportunities in the New York City real estate market, and we believe the value of this area in particular will increase substantially over the next decade,” Frank McCourt said in the statement. “We look forward to developing an important new building that will tap in to the vibrant artistic and creative community of this neighborhood and add to the excitement of the West Side.”
McCourt Partners is a unit of McCourt Global LP, an investment firm with offices in New York and Los Angeles.
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