Related, $349 million loan from Oxford Land for 50 Hudson Yards

Related companies and Oxford Properties Group have secured a $348.8 million construction loan for the 1,000-foot-tall office tower that will open later this year at 50 Hudson Yards.

Wells Fargo is providing what is called a “rehabilitation” construction loan, as it is the second loan to cover the cost of building 50 Hudson Yards.

In 2017, a consortium of banks including Wells Fargo, Deutsche Bank, Banks of China, HSBC and Sumitomo Mitsui provided a $1.5 billion senior construction loan for 50 Hudson Yards.

Tenants in the 58-story tower will include BlackRock and Meta, which revealed this month they were consolidating their office footprint in the city across two sites, 50 Hudson Yards and the Farley Post office. The social media giant formerly known as Facebook has announced that it is terminating a lease for 200K SF at 225 Park Ave.

Truist Financial announced last month that it was leasing 100K SF at 50 Hudson Yards, moving from 711 Fifth Ave, formerly known as the Coca-Cola Building.

The estimated $4 billion cost to build the glass-clad tower translates to $1,407 per square foot, putting the building within reach of the top of the list of most expensive skyscrapers ever built. At New York.

One World Trade Center currently wears the most expensive crown with a cost to complete of around $3.8 billion, but this building had additional costs that made it unique: after the 9/11 attack destroyed the twin towers, the developers were persuaded to sheathe the first 10 floors of One World Trade in a fortress or reinforced concrete.

If you want to know how much the cost of building skyscrapers in the Big Apple has skyrocketed since the Empire State Building became the tallest tower in the world in 1931, consider this: the price of King Kong was only $41 million.

[Okay, that’s 1931 dollars in the Great Depression, but they also put buildings up a lot faster then: Empire State was completed in less than a year—the steel beams, which were shipped directly by rail to 34th St. from the mill in PA, were still warm from the blast furnaces when they were riveted them into place.]

Covering an entire city block and encompassing 2.9 million square feet, 50 Hudson Yards will be the fourth largest commercial office tower in New York City. With large floor plates and extra-large windows throughout, the tower will be flooded with natural light, providing several dedicated lobbies and large celestial lobbies loaded with equipment.

Designed by Foster + Partners, 50 Hudson Yards will have direct access to the #7 subway station and entrances to Hudson Park & ​​Boulevard and 10th Avenue, as well as 33rd and 34th Streets.

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