The Real Deal New York

Related seeks $30M more in EB-5 financing for Hudson Yards

Financing materials also show new renderings for 50 Hudson Yards
August 22, 2017 09:00AM

Rendering of 50 Hudson Yards (via New York YIMBY)

Related Companies is seeking $30 million more in EB-5 financing for 35 and 55 Hudson Yards and the Western Rail Yards.

The company is looking for $10 million each for 35 and 55 Hudson Yards — respectively, a 1.1 million-square-foot mixed-use tower and a 1.7 million-square-foot office building — after requesting hundreds of millions of dollars for the towers two months ago, New York YIMBY reported. In June, Related and Oxford Properties Group sought $380 million for the towers and for a platform over the rail yards. The companies have reportedly raised at least $600 million for other buildings at Hudson Yards. Last year, the developers landed a $1.2 billion loan from the Children’s Investment Fund for 35 Hudson Yards.

The other $10 million will cover roughly 50 percent of the Western Rail Yards’ platform.

The EB-5 materials also showed new renderings for 50 Hudson Yards, a 2.9-million-square-foot office tower designed by Norman Foster and anchored by fund manager Blackrock. The tower will rise 985 feet tall, roughly 300 feet shorter than 30 Hudson Yards. It’s expected to be complete by 2022, and is in the process of negotiating a $2.5 billion financing package, as The Real Deal reported in May. [Yimby]Kathryn Brenzel