Red-letter day for huge Hudson Yards project
Crain's New York
4/10/2013 | By Daniel Geiger
Developer The Related Cos. announces that it has finalized leases with three major tenants—Coach, L'Oreal and SAP—for its first tower, locked in $1.4 billion in financing and inked a $1 billion lease for half of the site.The Related Cos., which plans to build a huge mixed-use complex at the Hudson Rail Yards west of Pennsylvania Station, took not one or two but several major steps forward on Wednesday. For openers, the big developer announced that it has signed three major tenants and arranged financing for the first of several towers it plans to build at the site. In addition Related said it has signed a $1 billion 99-year lease with the Metropolitan Transportation Authority for the eastern half of the site where the project will rise.Related also said it has inked a roughly $750 million deal with Coach, under which the luxury leather goods maker will purchase 740,000 square feet in the first tower to rise on the site, an 895-foot-tall spire with a total of 1.7 million square feet. Co...