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Manhattan’s skyline is about to change dramatically over the coming few years.
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Stephen Ross’ real estate firm Related Companies, in partnership with Oxford Properties, is the mover behind a $20 billion renewal project on Manhattan’s west side, known as Hudson Yards.
When it is complete, Hudson Yards will be a complex of five skyscrapers and two smaller buildings running between 10th and 11th Avenues from East to West and 30th to 34th Streets from North to South. Four will be office towers and the fifth residential. There will also be a retail promenade with room for 100 shops and 30 restaurants.
The apartment building will have 500 units and the buildings will have 6 acres of open public space among them.
The developers expect the first phase of the project to be finished by 2018. That encompasses the area between Tenth and Eleventh Avenues.
At 17 million square feet, the project is said to be the largest privately funded real estate deal in American history.
In March, Related acquired a $250 million loan from Deutsche Bank AG in order to finance construction of the deck. Once completed, this 37, 000 ton platform will allow the start of construction of 6 million square feet on the eastern half of the 26-acre Hudson Yards.
The platform is necessary in order to build on top of the 30 railroad tracks which converge there into four as a conduit for trains entering Pennsylvania Station at 34th Street.
Stephen Ross told Bloomberg, “The whole eastern yards will be under construction this year. We’ve been talking to investors. We have global partners, both domestically and internationally. The interest in this job has been unbelievable. We feel very, very confident.”
Founded in 1972, Related Companies is a privately owned real estate firm in New York City. The firm is the largest owner of luxury residential rental properties in New York, with more than 5, 000 units, and has developed mixed-use projects, such as Time Warner Center. The company also has offices in Boston, Chicago, Los Angeles, Las Vegas, Miami, San Francisco, Abu Dhabi, São Paulo and Shanghai.
Related has developed more than $22 billion in real estate and owns real estate assets valued at over $15 billion, made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets
Stephen M. Ross is the Chairman and Founder of Related Companies. Mr. Ross is also the owner of the Miami Dolphins and Sun Life Stadium.
