Related Companies and Oxford Properties Group Close

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Related Companies and Oxford Properties Group close $1.3 billion in financing for 15 Hudson Yards November 25, 2015 - Financial Digest Manhattan, NY Related Companies and Oxford Properties Group have closed $1.3 billion in financing to fund 15 Hudson Yards, the first residential tower at the 28-acre mixed-use development on the West Side. Already under construction, the building contains both rental and condominium apartments. The 960,000 square foot building will be complete in 2018 and sales are expected to launch in mid-2016. Jeff Blau, CEO of Related Companies, said, “Hudson Yards is transforming the west side of Manhattan and this latest transaction represents a continued show of confidence from elite investors and lenders. We have already attracted business leaders in finance, fashion, beauty, consulting, law, tech and media to Hudson Yards; and in just a few short years we will welcome our first residents to the new neighborhood.” Blake Hutcheson, CEO of Oxford Properties Group, said, “Hudson Yards is far more than a collection of buildings and spaces. Since day one we envisioned a rich community where people can work, live and play. Today, we take another step towards this objective and we are honored that our financing partners share this vision. We look forward to welcoming those who will soon call Hudson Yards home.” Fifteen Hudson Yards will front on the newly created plaza at the center of Hudson Yards and is also adjacent to the High Line and directly connected to the Culture Shed – a multi-purpose venue offering seven levels of flexible gallery and performance space that will host a wide range of art, design and special events, including New York’s Fashion Week. Designed by Diller Scofidio + Renfro and Rockwell Group, the LEED Gold-designed tower will stand 910 ft. tall and offer 285 for-sale residences throughout its 70 stories, and 106 rental units. Notable for a unique tapered design that will transform the West Side skyline, 15 Hudson Yards will offer its residents unobstructed views of the city and Hudson River. Residents will also have access to an unparalleled suite of in-building amenities not available in other residential buildings in New York. Hudson Yards is the largest private real estate development in the nation’s history. The 28-acre site is being developed by Related Companies and Oxford Properties Group and will include 17 million square feet of commercial and residential space, more than 100 shops and restaurants, including New York City’s first Neiman Marcus, approximately 5,000 residences, a unique cultural space, 14-acres of public open space, a new 750-seat public school and a 200-room Equinox branded luxury hotel – all offering unparalleled amenities for residents, employees and guests. Hudson Yards will also serve as the corporate home to litigation powerhouse Boies, Schiller & Flexner; The Boston Consulting Group; Coach Inc., global investment firm KKR, L’Oréal USA, German software engineering firm SAP; Time Warner Inc., and VaynerMedia. When complete, more than 125,000 people will visit, work in, or call Hudson Yards their home. New York Real Estate Journal - 17 Accord Park Drive #207, Norwell MA 02061 - (781) 878-4540.

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