West Side Development Garners Nearly $3B Financing

NEW YORK CITY-The city has created the Hudson Yards Infrastructure Corp., a not-for-profit that will help in the financing of the massive West Side project. City estimates peg the total costs of the infrastructure to be financed between 2005 and 2012 to be $2.8 billion and a continued buildout is expected to follow through 2040.

Key elements of the plan call for the expansion of the No. 7 subway line with major stops at 34th Street and 11th Avenue, and 41st Street and 10th Avenue as well as the creation of a platform over the Eastern Rail Yards, from 30th & 33rd streets between 10th & 11th avenues, to create a six-acre park and to allow for development by private developers and cultural institutions. Other infrastructure improvements will include a new street system and parks.

The three senior managing underwriters for the issuance of the bonds will be Goldman, Sachs & Co., JPMorgan and Bear, Stearns & Co.