Development’s First Residential Tower to be Completed in 2018 with Sales Expected to Launch in mid-2016
NEW YORK, NY – November 24, 2015 – Related Companies and Oxford Properties Group today announced the closing of $1.3 billion in financing to fund 15 Hudson Yards, the first residential tower at the 28-acre mixed-use development on Manhattan’s 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 T. 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 feet 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.
ABOUT RELATED COMPANIES:
Related Companies is the most prominent privately-owned real estate firm in the United States. Formed over 40 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Washington, D.C., Abu Dhabi, London, São Paulo and Shanghai and boasts a team of approximately 3,000 professionals. The Company’s existing portfolio of real estate assets, valued at over $20 billion, is made up of best-in-class mixed-use, residential, retail, office and affordable properties in premier high-barrier-to-entry markets. Related has developed preeminent mixed-use projects such as Time Warner Center in New York and CityPlace in West Palm Beach. Related also manages approximately $3 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments, and family offices. For more information about Related Companies please visit www.related.com.
ABOUT OXFORD PROPERTIES GROUP:
Oxford Properties Group is a global platform for real estate investment, development and management, with over 1,700 employees and over $34 billion of real assets that it manages for itself and on behalf of its co-owners and investment partners. Established in 1960, Oxford has regional offices in Toronto, London and New York, and the company’s portfolio includes approximately 56 million square feet of office, retail, industrial, multi-family and hotel properties. Oxford is the real estate arm of the OMERS Worldwide Group of Companies. For more information, please visit www.oxfordproperties.com.