NEW YORK CITY—Related Cos. and Oxford Properties Group have announced the closing of $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. Now under construction, the 960,000-square-foot building contains both rental and condominium apartments. The building will be complete in 2018 and sales are expected to launch in mid-2016.
Says Jeff Blau, CEO of Related Companies, "Hudson Yards is transforming the west side of Manhattan and this latest transaction represents a continued show of confidence from elite investors and lenders. 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."
Blake Hutcheson, CEO of Oxford adds, "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. 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."
Fifteen Hudson Yards will front on the newly created plaza at the center of Hudson Yards and is also adjacent to the High Line and directly connected to the Culture Shed – a multi-purpose venue offering seven levels of flexible gallery and performance space that will host a wide range of art, design and special events, including New York's Fashion Week.
The tower will stand 910 feet tall and offer 285 for-sale residences throughout its 70 stories, and 106 rental units. Hudson Yards is the largest private real estate development in the nation's history. It is slated to include 17 million square feet of commercial and residential space, more than 100 shops and restaurants, approximately 5,000 residences, a unique cultural space, 14-acres of public open space, a new 750-seat public school and a 200-room Equinox branded luxury hotel.
Hudson Yards also will serve as the corporate home to Boies, Schiller & Flexner; The Boston Consulting Group; Coach Inc., global investment firm KKR, L'Oréal USA, German software engineering firm SAP; Time Warner Inc., and VaynerMedia. When complete, more than 125,000 people are expected to visit, work in, or call Hudson Yards their home.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
