Construction on a Lalezarian Properties tower in Hudson Yards is full steam ahead after the developer landed a $170 million construction loan.
Wells Fargo provided the developer with construction financing for its project at 606 West 30th Street, PincusCo reported. The loan, which closed in early November, is split between $132 million in new construction debt from the bank and a refinancing of an earlier $38 million acquisition loan.
In March 2019, Lalezarian unveiled plans for a 45-story, 277-unit mixed-use building at the site, according to pre-filed plans with the Department of Buildings. YIMBY reported Wednesday the development has since been cut to a 545-foot-tall, 42-story building.
While plans originally showed the mixed-use property would encompass more than 200,000 square feet, the development now reportedly includes more than 316,000 square feet of built space. The building was expected to include 14,000 square feet of commercial space, according to the original pre-filed plans.
The units in the rental are expected to be split between 75 percent market rate and 25 percent affordable units, Lalezarian said in 2019.
The developer purchased the development site from the family of late real estate investor Anita Butensky Katzman for $36 million in 2015. The property is one of several Lalezarian projects in Hudson Yards, including an apartment building west of 10th Avenue between 36th and 37th streets and three other rental buildings.
Construction was made possible by a 2018 City Council rezoning of a few blocks south of Hudson Yards. The move also paved the way for a Douglas Development project at 601 West 29th Street.
Construction on the tower recently resumed — likely due to the loan closing — and the building’s construction will be completed in 2023, according to YIMBY.
[PincusCo] — Holden Walter-Warner