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West Side Development Site Sells for $167M to Frank McCourt

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Frank McCourt, the Boston developer turned failed owner of the Los Angeles Dodgers turned $50 million Manhattan co-op owner, is joining the development party in Midtown West. The Journal reports that McCourt purchase a site at 10th Avenue and 30th Street for about $167 million?nearly four times the price that previous owner Sherwood Equities paid in 2011. Located at 360 10th Avenue, the site, which sits across the street from Hudson Yards, will see a 730,000-square-foot residential and office tower. It will be McCourt's largest development ever. No architect or design details have yet been revealed, but if you have more intel, the tipline is ready and waiting.

Sherwood paid $43.5 million for the site, and the company planned to construct a 700,000-square-foot hotel on the site. They decided to sell after the site's value surged, thanks largely to construction finally beginning at Hudson Yards. Sherwood isn't abandoning the West Side altogether; the developer broke ground on a High Line-abutting condo in late June.
· Frank McCourt Buys $167 Million Manhattan Site [WSJ]
· Frank McCourt coverage [Curbed]