Posted Dec 28, 2019, 1:29 AM
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NYC/NJ/Miami-Dade
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Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
Posts: 45,840
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Rockrose lands $255M in financing for Hudson Yards project
Quote:
Rockrose Development appears to have the money it needs to construct a long-awaited rental tower across from the Jacob Javits Center in Hudson Yards.
According to city records, the developer received a $255 million construction financing package from Wells Fargo for 555 West 38th Street, the first phase of a two-building project set between 10th and 11th avenues in Hudson Yards.
The firm, led by Henry Elghanayan and son Justin Elghanayan, began assembling the West Side site nearly 20 years ago. The plot’s zoning allowed for a building spanning 500,000 square feet as-of-right, but in 2012 the developer struck a deal to pay into funds to finance public infrastructure improvements in exchange for additional square footage. The master plan will total 1.6 million square feet.
In 2018, Rockrose filed plans to build the first part of the development, including a 600-unit residential tower at the West 38th Street site. The 400,000-square foot, 51-story tower would be designed by Pelli Clarke Pelli Architects. The second phase of the development would include a 1.2 million-square-foot office tower. Plans for an office tower have not yet been submitted.
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