Related Cos and Oxford Property Group's 50 Hudson Yards is shaping up to be the most expensive office building ever built in NYC.
The 2.8M SF building will have a price tag knocking on the door of $4B, according to filings with the city. The $3.94B total cost includes the acquisition of the land the finished tower will sit on, construction costs and soft costs, The Real Deal reports.
The figure works out to about $1,407/SF to build the tower. 50 Hudson Yards’ cost will edge out One World Trade Center for the distinction of most expensive office building ever built in the country. The price tag for One WTC, jointly owned by the Port Authority and the Durst family, came to $3.8B.
The partnership is looking to take advantage of a program administered by the New York City Industrial Development Agency — the same body that reviews the paperwork detailing the building’s total cost — that would allow fixed payments instead of the usual variable property taxes, as well as a pass on paying a mortgage recording tax.
The building still needs to secure about $2.5B in construction financing. It should help that asset manager BlackRock has signed an LOI to anchor the building with 850k SF. It's set to open in 2022. [TRD]
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