Related and Oxford Land $1.2B From Children’s Investment Fund for 35 Hudson Yards
By Danielle Balbi July 28, 2016 10:25 am
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Related Companies and Oxford Properties Group completed a $2 billion capitalization of 35 Hudson Yards, the partnership announced in a news release today.
The Children’s Investment Fund (TCI) led a $1.2 billion debt financing for the completion of the 1.1-million-square-foot tower. Once completed in 2019, 35 Hudson Yards will hold an Equinox-branded hotel, as well as office, residential and retail spaces. The property sits on the corner of 33rd Street and 11th Avenue.
“We are excited to continue our partnership in Hudson Yards with Related and Oxford,” Martin Frass-Ehrfeld, the chairman of TCI’s real estate arm, said in a statement. “Following our existing investment in 15 Hudson Yards, the development of 35 Hudson Yards will further add to the residential appeal of Hudson Yards.”
In November 2015, the London-based fund provided Related and Oxford with an $850 million construction loan for 15 Hudson Yards, the 910-foot, 70-story tower rising at 553 West 30th Street between 10th and 11th Avenues.
“This capitalization further underscores the appeal of Hudson Yards with both global capital and global companies,” Stephen Ross, the chairman and founder of Related, said in the release. “This marquee mixed-use tower will be the tallest residential building in Hudson Yards and will offer residents unrivaled access to the best New York has to offer: culture, fashion, fitness, dining and grand open spaces. It is sure to set a new standard for New York living.”
David Childs and Skidmore Owings & Merrill are designing the 1,000-foot tower. There will be 137 for-sale residential units, a 200-room hotel, a 60,000-square-foot Equinox gym and a SoulCycle studio and ground-floor and second-floor retail space.
