Related and Oxford Complete $2 Billion Capitalization of 35 Hudson Yards
7/28/2016 | By Related/Oxford
NEW YORK, NY – July 28, 2016 – Related Companies and Oxford Properties Group today announced the $2 billion full capitalization of 35 Hudson Yards, the 1.1 million square foot tower on the corner of 33rd Street and 11th Avenue set to open in 2019. The tower’s full capitalization includes $1.2 billion in debt financing led by the Children’s Investment Fund (TCI). Thirty-Five Hudson Yards will contain an Equinox® branded luxury hotel, office, residential and retail uses.
Stephen M. Ross, Chairman and Founder of Related Companies, said: “This capitalization further underscores the appeal of Hudson Yards with both global capital and global companies. 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.”
Blake Hutcheson, CEO of Oxford Properties Group, said: “A clear vision is at the heart of Hudson Yards’ success. We are grateful that this clear vision has become a shared vision – shared between Oxford and Related, and world leading master planners, architects, suppliers, legal and other professional service providers, tenants, and as we celebrate today, financial partners. We are excited to turn this vision into a reality unlike anything ever seen before.”
Standing 1,000 feet tall, 35 Hudson Yards will offer never-before-seen views from Manhattan’s West Side. Designed by David Childs and Skidmore Owings & Merrill, the tower will feature approximately 137 exclusive for-sale residences that start at 500 feet in the air offering breathtaking views, an Equinox® branded luxury hotel comprising more than 200 rooms, a world-class 60,000 square-foot Equinox® fitness club and spa, Equinox’s® global office headquarters, SoulCycle, and ground floor and second floor retail space.
Martin Frass-Ehrfeld, Chairman of TCI Real Estate Partners, said: “We are excited to continue our partnership in Hudson Yards with Related and Oxford. Following our existing investment in 15 Hudson Yards, the development of 35 Hudson Yards will further add to the residential appeal of Hudson Yards.”