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BLOOMBERG --New York’s Hudson Yards Platform Starts as Funding in Place
March 19, 2014
Hudson Yards, the $20 billion Related Cos. development on Manhattan’s far west side, is taking a key step forward as work begins on a platform over the area’s rail depot designed to support three skyscrapers.
Related completed an agreement this week to finance the deck, including a $250 million loan from Deutsche Bank AG (DBK), according to a person with knowledge of the negotiations, who asked not to be named because the deal isn’t public. Building the 37,000-ton platform enables the start of almost 6 million square feet (560,000 square meters) of construction on the eastern half of the 26-acre (11-hectare) yards, said Stephen Ross, the New York-based developer’s chairman and founder.