NEW YORK CITY—Cove Property Group secured a $479 million construction loan to convert an eight-story building at 441 Ninth Avenue, between 34th and 35th streets, into a 25-story Class A office tower, named Hudson Commons.
The structure was originally built as a warehouse in 1962 and later developed into an office building in 1983, according to the Cove website. As recorded in Real Capital Analytics, in 2016 for $330 million, Cove and its joint venture partner, the hedge fund, the Baupost Group, acquired the eight-story, 423,000 square foot building that was owned and occupied by EmblemHealth as a single tenant.
Architects Kohn Pedersen Fox designed the redevelopment, which will add a 17-story structure on top of the existing building, creating a 701,364-square-foot office tower, with 14 private terraces and balconies, and basement parking for 140 vehicles. Hudson Commons will have full block frontage along Ninth Avenue.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
