BY YANNIC RACK | The first residential tower going up at Hudson Yards got a big boost last week, with the developer closing on a $1.3 billion deal to finance the glassy high-rise.
Fifteen Hudson Yards, under construction since last December, will top out at 70 stories when it opens in roughly three years.
“Hudson Yards is transforming the west side of Manhattan, and this latest transaction represents a continued show of confidence from elite investors and lenders,” Jeff T. Blau, CEO of Related Companies, said in a statement.
“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.”
Related is developing the 28-acre project together with Oxford Properties Group.
The entire Eastern Yard — the first half of the project between 10th and 11th Aves. and W. 30th and W. 34th Sts. — will be complete in 2018, but sales for the 960,000-square-foot building at 15 Hudson Yards are already set to launch next year.
The tower, sitting at the northeastern corner of 11th Ave. and W. 30th St., includes 106 rental and 285 condominium units, and will face the newly created plaza at the center of the new neighborhood.
It is also adjacent to the High Line and will directly connect to the Culture Shed, a multi-purpose arts and entertainment venue.
The eastern portion of Hudson Yards is roughly split into 80 percent commercial and 20 percent residential space, a concept that is essentially inverted on the Western Yard, which will be developed in a second phase, and should open by 2025.
