[NYguy]

Originally Posted by colemonkee

that kid on the left is trouble. And the kid in the middle is his next unwitting victim.

LOL, I hope they plan some good drainage in there.



http://www.crainsnewyork.com/article...TATE/120819954

Coach tower financing faces deadline
By Friday lenders must submit proposals to Related Cos. to finance construction of its 46-story, 1.7 million-square-foot tower for Coach on the West Side.

By Theresa Agovino
August 14, 2012

Banks eager to lend Related Cos. and its partner between $300 million and $400 million for the construction of the first tower at the developer's massive Hudson Yards project west of Penn Station must have their proposals in by the end of the week, sources familiar with the transaction said. Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. are among the banks Related approached about lending money for construction of the 1.7 million-square-foot, 46-story tower at West 30th Street and 10th Avenue that will stand next to the northern end of the High Line. Coach Inc. agreed to become the anchor tenant there late last year and will put up about $500 million towards construction of the tower where it will own its 750,000-square-foot office. Related and its partner, Canada's Oxford Properties Group, will put in over $300 million. The tower is slated to be competed by 2015.

Even as it lines up financing, Manhattan-based Related is continuing to seek additional tenants for the Coach tower as well as for others that it plans for the 26-acre site over the rail yards, which is bounded by 10th and 12th avenues and West 30th and West 33rd streets. The building will be the first component of the more than 13 million square feet planned for the 26-acre site, which will include three office towers, a hotel, nine apartment buildings, a cultural center, a school and parkland. The $15 billion project could take as long as 15 years to complete.

However, Related has repeatedly said it won't go ahead and build the $1.6 billion platform over the rail yards until it secures a major office tenant. The Coach tower can go ahead because it is on solid ground. A Coach spokeswoman didn't return a call seeking comment while a Related spokeswoman said in a statement: "We have received significant interest from our lending relationships and are excited to start construction on the Hudson Yards this fall."