The Real Deal New York

RXR Realty to take $225M loan for Pier 57: report

Cash will fund developer’s 480K sf Google-anchored office and retail complex

March 30, 2016 08:04AM

A rendering of the Pier 57 redevelopment (inset: Scott Rechler)

A rendering of the Pier 57 redevelopment (credit: SuperPier) (inset: Scott Rechler)

Scott Rechler’s RXR Realty will soon ink a loan that will cover more than half the projected cost of its redevelopment of Pier 57 on the Hudson River.

The firm is in talks to take $225 million in financing from PNC Bank to fund its redevelopment of the pier, and construction of its planned 480,000-square-foot office and retail complex, the Commercial Observer reported, citing sources familiar with the negotiations.

RXR, along with Youngwoo & Associates, signed a 97-year ground lease for the site with the Hudson River Park Trust last year. The project is slated to cost $350 million in total.

The project will be anchored by tech behemoth Google, which signed a 15-year lease to take 250,000 square feet at the complex, which totals 560,000 square feet.

Anthony Bourdain, the chef and TV star, signed a letter of intent last September to open the 155,000-square-foot Bourdain Market at the pier, a 100-stall plaza of diverse restaurants. [CO]Ariel Stulberg