Developer Buys Out Large Stake In 550 Washington Street, Hudson Square

550 Washington StreetConceptual 550 Washington Street, rendering by Selldorf Architects

In May of 2014, YIMBY brought you renderings of TEN Arquitectos’ conceptual plans for the St. Johns Terminal building at 550 Washington Street, in Hudson Square. At the time, multiple owners complicated the redevelopment of the 1.1-million square-foot structure, which has 280,000 square feet of air rights, but now Westbrook Partners has bought out Fortress Investment Group’s ownership stake for more than $200 million, according to Crain’s. Atlas Capital Group, who tried to acquire additional air rights from Pier 40 last year, will retain their minority stake. Plans include a new residential tower, which may be built ground-up or as a conversion/expansion, but city approval is required before construction can begin.

550 Washington Street

Present-day 550 Washington Street, photo by Richard Perry for The New York Times

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The Chatsworth Horizon
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