Joe Moinian is looking to raise up to $500 million from the EB-5 program for his Hudson Yards tower.
The Moinian Group chief said during a groundbreaking ceremony Friday that he’s looking to raise $250 million to $500 million in investments from the program for his proposed 2 million-square-foot 3 Hudson Boulevard project, Bloomberg reported.
“We don’t have a number of EB-5 investors committed,” Moinian said. “You can say we’re at the beginning” of the process.
The 53-story tower is estimated to cost more than $2 billion.
The Related Companies has raised EB-5 money for its $25 billion Hudson Yards project, including $600 million to build the platform over the rail yards. Related and Oxford Properties Group were looking to raise another $380 million in EB-5 funds earlier this year, as The Real Deal reported in June.
Moinian has struggled to get his Hudson Yards tower off the ground. The developer booted Avison Young as the leasing agent and hired JLL to find an anchor tenant and line up financing for the project. [Bloomberg] – Rich Bockmann