Related Companies has reached a preliminary agreement to get roughly $400 million in construction financing for a Hudson Yards office tower, Crain’s reported. The lenders include Bank of America and JP Morgan Chase.
The loan is considered the last hurdle in developing the 1.7 million-square-foot tower, which will kick off the Hudson Yards project with luxury goods retailer Coach as an anchor tenant. The building does not have an address yet, but it will be located at 30th Street and 10th Avenue.
Related and Bank of America declined Crains’ requests for comment. JPMorgan could not immediately be reached and Coach did not immediately respond.
Earlier today, news emerged that Related founder Stephen Ross wants to amend the company’s Hudson Yards lease with the Metropolitan Transportation Authority, possibly in order to separate the construction of the Coach tower from its other obligations at the project. Related officials declined to comment.
Ross and Jay Cross, who is overseeing the Hudson Yards project for Related, have been in talks with Coach for months regarding a deal to buy the 740,000-square-foot space for roughly $500 million. [Crain's] –Zachary Kussin