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570 Washington Street Update 02/11/22

West Village Development Site Trades for $350M

A vacant development site, located at 570 Washington Street in Manhattan's West Village has just been sold for $350 million. It was jointly purchased by Zeckendorf Development and Atlas Capital Group from Westbrook Partners in a deal brokered by Cushman & Wakefield.

Taking up an entire block, the lot totals 1.3 acres. It sits directly across the street from Google's east coast headquarters in the recently redeveloped, St. John's Terminal building. Admittedly, even in Manhattan, shelling out $350 million for a vacant parcel of land seems quite extreme. However, when you hear what plans Zeckendorf has in store, the insane acquisition cost starts to make a bit more sense. The company is seeking to build an ultra-luxury, 36-story condo tower, costing well over $1 billion. With some of the wealthiest people in the tech industry working just next door, Zeckendorf may be looking to cater to demand by offering high-end residences and a quick walk to work.

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