15 Hudson Yards Wins $1.3B in Financing
- Nov 25, 2015
New York—Related Companies and Oxford Properties Group secured a hefty $1.3 billion in financing to fund 15 Hudson Yards, the first residential tower at the 28-acre mixed-use development on Manhattan’s West Side. The property is already under construction and includes both rental and condominium apartments. The 980,000-square-foot building will be complete by 2018 and sales are expected to launch in mid-2016.
“Hudson Yards is transforming the west side of Manhattan and this latest transaction represents a continued show of confidence from elite investors and lenders,” said Jeff Blau, CEO of Related Companies. “We have already attracted business leaders in finance, fashion, beauty, consulting, law, tech and media to Hudson Yards; and in just a few short years we will welcome our first residents to the new neighborhood.”
The residential tower will front the newly created plaza at the center of Hudson Yards, and is adjacent to the Chelsea High Line and connected to the Culture Shed, a multipurpose venue offering seven levels of flexible gallery and performance space that will hose a range of art, design and special events, including New York’s Fashion Week.
The building is designed by Diller Scofidio + Renfro and Rockwell Group to obtain LEED Gold certification and will stand 910 feet tall, offering 285 for-sale residences throughout its 70 stories and 106 rental units. Residents will enjoy unobstructed views of the city and the Hudson River, with access to a suite of in-building amenities including a fitness center by Equinox, a 24/7 concierge-attended lobby, on-site parking garage along with valet and pet-friendly services.
Hudson Yards is the largest private real estate development in U.S. history and the largest developmen tin New York City since Rockefeller Center. It boasts 17 million square feet of commercial and residential space, more than 100 shops and restaurants, including New York City’s first Neiman Marcus, approximately 5,000 residences, a unique cultural space, 14 acres of public open space, a 750-seat public school and 200-room, Equinox-branded luxury hotel.
The development will also serve as the headquarters to Boies, Schiller & Flexner, The Boston Consulting Group, Coach Inc., KKR, L’Oreal USA, SAP, Time Warner Inc. and VaynerMedia. When the full development is completed in 2024, more than 125,000 people will visit, work in, or live in Hudson Yards.
“Hudson Yards is far more than a collection of buildings and spaces. Since day one we envisioned a rich community where people can work, live and play,” said Blake Hutcheson, CEO of Oxford Properties Group. “Today, we take another step towards this objective and we are honored that our financing partners share this vision. We look forward to welcoming those who will soon call Hudson yards home.”
Images courtesy of Related Companies and Oxford Properties Group