35 Hudson Yards Hits Capitalization Milestone

The 1,000-foot tall 35 Hudson Yards will have about 137 residences, a 200-room luxury hotel, a gym/spa, and more.

NEW YORK CITY—Related Cos. and Oxford Properties Group have reached the full $2 billion capitalization needed to build 35 Hudson Yards, a 1.1 million square foot tower on the corner of 33rd Street and 11th Avenue set to open in 2019. The tower’s full capitalization includes $1.2 billion in debt financing led by the Children’s Investment Fund. Thirty-Five Hudson Yards will contain an Equinox branded luxury hotel, office space, residential units and retail establishments. “This capitalization further underscores the appeal of Hudson Yards with both global capital and global companies,” declares Stephen M. Ross, chairman and founder of Related Cos. “This marquee mixed-use tower will be the tallest residential building in Hudson Yards and will offer residents unrivaled access to culture, fashion, fitness, dining and grand open spaces. It is sure to set a new standard for New York living.” Adds Blake Hutcheson, CEO of Oxford Properties Group, “A clear vision is at the heart of Hudson Yards’ success. We are grateful that this clear vision has become a shared vision between Oxford, Related, leading professional service providers, tenants and, as we celebrate today, financial partners. We are excited to turn this vision into a reality unlike anything ever seen before.” Standing 1,000 feet tall, 35 Hudson Yards will feature approximately 137 for-sale residences, an Equinox branded luxury hotel comprising more than 200 rooms, a 60,000 square-foot Equinox ^® fitness club and spa, Equinox’sglobal office headquarters, SoulCycle, and ground floor and second floor retail space. “We are excited to continue our partnership in Hudson Yards with Related and Oxford,” says Martin Frass-Ehrfeld, chairman, Children’s Investment Fund. “Following our existing investment in 15 Hudson Yards, the development of 35 Hudson Yards will further add to the residential appeal of Hudson Yards.” At Hudson Yards, more than 8.5 million square feet of residential, commercial and retail space has been financed and is under construction. Ten Hudson Yards—home to Coach, Inc., L’Oréal USA, The Boston Consulting Group, German software engineering firm SAP, VaynerMedia, Intersection and Sidewalk Labs—opened in May of this year. Fifty-Five Hudson Yards, home to Boies, Schiller & Flexner, Milbank, Tweed, Hadley & McCloy LLP and Point72, will open in 2018. The one-million-square-foot retail center and five-acre public plaza will open in the fall of 2018, followed in 2019 by 30 Hudson Yards, the commercial office tower that will house KKR, Wells Fargo Securities, TimeWarner, HBO, CNN, Warner Bros and Turner Broadcasting as well as Related and Oxford. Hudson Yards is the largest private real estate development in the nation’s history. The site will include 17 million square feet of commercial and residential space; more than 100 shops and restaurants; approximately 4,000 residences; 14-acres of public open space; a new 750-seat public school and the aforementioned Equinox ^hotel.