ABS Partners Broker Team in Forefront of Creative Dealmaking to Package Hudson Yards Development Site

What began as a simple ground lease transaction for 413 and 415 Ninth Avenue, evolved into what has been described as “the most complicated deal almost anyone has seen.” Brokers Randy Modell and Steven Hornstock of ABS Partners Real Estate, LLC were initially planning to construct a new standalone development on the sites located just a few blocks from what would eventually become the Hudson Yards and Manhattan West megadevelopments. However, the deal ultimately became an intricate transaction involving a “lease, a sub-lease, a sub-sub-lease and a transfer of air rights from a nearby condominium” through some very creative dealmaking by Modell and Hornstock leading to interest by a developer in late 2020 with plans recently filed for the ground-up construction of a 31-story, 178,122-square-foot office and retail project on the 3-parcel 413-419 Ninth Avenue development site.

Source:    https://therealdeal.com/2022/04/29/behind-coves-intricate-deal-for-hudson-yards-high-rise/