Tuesday, November 29, 2011

Related Secures $200M Financing for New 30-Story Tower

The new Coach Inc. headquarters is not the only building Related Cos. will be constructing on the far West Side in the near future. A $200M low interest loan will finance construction of a new 30-story apartment tower on West 30th Street and Tenth Avenue, near its massive $15 billion Hudson Yards project.

Related has reached a deal for a $200 million loan to finance construction of a 30-story apartment house on a lot on West 30th Street and Tenth Avenue, close to Related's massive Hudson Yards project. The loan is slated to close early next year.

The developer is building the 400-unit property along with partner with Abington Properties. The tower will be built under New York State's 80/20 Program, which means that 20% of the apartments must be reserved for low-income residents, and provides low-interest bond financing for construction. Related has plans to build a similar 36-story apartment tower directly across Tenth Avenue.

The project will include 40,000 square feet of ground floor retail space, as well as 50,000 square feet of underground parking. According to sources at the Related Cos, the project will likely break ground by mid-summer 2012.