located at 271 11th Ave. The new owners are planning to further
convert 500,000 sf of storage facilities into office space.
Developers were able to start work on another Times Square
site, the TSX Broadway, after fully capitalizing the $2.5-billion project. UBS led a new round of equity investments totaling more than
$780 million, bringing the total equity in to more than $1 billion.
Goldman Sachs provided a $1.13-billion construction loan to the
development team, a L&L Holding Co., Maefield Development
and Fortress Investment Group.
Cushman & Wakefield’s Doug Harmon, Adam Spies and
Marcella Fasulo served as advisor on the equity raise, while HFF
handled the construction loan. Located at 1568 Broadway, the
46-story tower will house 550,000 sf of retail and entertainment
space and a 669-key luxury hotel, upon completion in 2021.
Indeed, development activity is also at a peak in New York,
and the capital needed for these deals has also driven financ-
ing volume. The much-awaited 3 World Trade Center opened
last summer. It is the next-to-last tower on the WTC site, which
Larry Silverstein bought right before the original ill-fated Twin
Towers fell in the 9/11 attacks. The 80-story office tower
opened with much of its 2. 8 million sf leased to tenants includ-
ing ad firm GroupM
and McKinsey & Co.
On the West Side, the
massive Hudson Yards
project is making head-
way, with the 1. 3 million-
sf 55 Hudson Yards deliv-
ered last year. The
1.4-million-sf tower is a
development of Related
Cos. and Oxford
Nearby, residents moved
into 15 Hudson Yards late
Tishman Yards landed
$1.8 billion in construction financing for the
Spiral, another huge
project in the Hudson
Yards district. A Fried
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3 World Trade Center
55 Hudson Yards