Related's Final Price Tag For Hudson Yards Phase 1: $18B
The developers of Hudson Yards have fully capitalized the first phase of the Manhattan megaproject.
Related Cos., Oxford Property Group and Mitsui Fudosan announced the completion of a $1.5B construction loan on 50 Hudson Yards from a group made up of Wells Fargo, Deutsche Bank, HSBC, Bank of China and Sumimoto Mitsui Banking Corp. That loan brings the final financing bill for Hudson Yards' first phase to over $18B.
Mitsui Fudosan owns at least 90% of 50 and 55 Hudson Yards, which are scheduled to be completed in 2022 and 2018, respectively. Related and Oxford's office building at 10 Hudson Yards was completed and recapitalized in 2016, and the office building at 30 Hudson Yards is scheduled to finish in 2019. Also slated for 2019 are the mixed-use 35 Hudson Yards, the public square and the Shops at Hudson Yards.
With certain high-profile buildings in Midtown struggling with financing, Hudson Yards' full capitalization for Phase 1 stands in stark contrast, and as a standard against which to compete. 50 Hudson Yards has already signed BlackRock as its anchor tenant, with Deutsche Bank rumored to be in the mix.
"The pace of commercial leasing at Hudson Yards has been nothing short of unprecedented, and with all of the commercial space in the neighboring office towers effectively spoken for, we are excited to introduce 50 Hudson Yards to the marketplace,” Related CEO Jeff Blau said in a release.