MG Properties, the real estate investment and development arm of McCourt Global, has entered into an equity and development partnership with Hines on the development of 360 Tenth Avenue in New York City. The $3 billion, 733,000-square-foot mixed-use project on the Far West Side will be designed by SHoP Architects, which was recently named the world's most innovative architecture firm by Fast Company. According to a Real Deal report, Frank McCourt's MG Properties made his New York real estate debut with the acquisition of the site last year for $167 million, more than three times what seller Sherwood Equities and Long Wharf Real Estate Partners paid in 2011.
"We are very pleased to have the world class team at Hines join us on 360 Tenth," said Drew McCourt, president of MG Properties. "The addition of SHoP's creativity and innovation is a significant enhancement to the project as we look to blend the residential, retail, and commercial elements into an architecturally-significant addition to the North Chelsea/Hudson Yards neighborhood."
"We are excited to partner with the McCourt team on 360 Tenth and welcome the opportunity to expand our development work into the heart of Manhattan's fastest growing new neighborhood," added Tommy Craig, Hines' senior managing director for the New York office.
For more news and information visit Blumberg Capital Partners.
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