NEW YORK | 3 Hudson Blvd (The Girasole) | 987 FT | 56 FLOORS | ON HOLD

[Mulan]

New Renderings?

[ChiND]

Isn't that what it's always looked like?

They should give it a tapered crown so that it looks less stubby.

[ChiND]

I hope that 175 Park finds a tenant before this. I'm not wild about this design. Maybe with some luck, BP will walk away from this and from 343 Madison.

https://therealdeal.com/new-york/202...-hudson-yards/

[NYguy]

I think BP should sell this site to Related, and focus on 343 Madison.


https://therealdeal.com/new-york/202...-hudson-yards/

Boston Properties, Moinian on hunt for financing in Hudson Yards
BXP-provided loan at 3 Hudson Boulevard matured in August


Jan 30, 2025
Holden Walter-Warner

A joint venture of BXP and the Moinian Group are looking for third-party financing to replace an existing $80 million mortgage at 3 Hudson Boulevard, Bisnow reported. The mortgage matured in August and remains unpaid, according to a regulatory filing.

The balance on the loan has since ballooned to $120 million, according to BXP’s supplementary quarterly earnings report. The interest rate is 12.5 percent, up from the 8.9 percent rate the company reported prior to the default.

While the rate and balance may seem daunting, BXP has a good relationship with the lender: BXP. The real estate investment trust originated the $80 million loan when it joined the venture with Moinian in 2018. It replaced a mortgage of the same amount from American General Life Insurance Company.

The estimated equity value of BXP’s 25 percent ownership stake in the project today is $114.2 million. It paid $46 million at closing to purchase its stake in the development site, along with a commitment to fund an additional $62 million if necessary.

Moinian did not respond to a request for comment from the publication. The developer purchased the full city block lot from Verizon in 2005 for $54 million.
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Construction began on the 2-million-square-foot development in 2017 and a design was released at the beginning of 2020, ahead of the disclosure of the project’s $2.6 billion price tag. But the project stalled when the pandemic came; outward progress has appeared limited since then.

The joint venture doesn’t have any tenants in place and was seeking at least $200 per square foot from anchor tenants as of last spring, according to the New York Post. That was more than twice the average asking rent in Manhattan at the time.

[ChiND]

Related is to the HY what Vornado is to Penn. That makes sense.

[UrbanImpact]

Originally Posted by ChiND

Isn't that what it's always looked like?

They should give it a tapered crown so that it looks less stubby.

No, it looked very different years ago. Check out the middle pages in this thread.

https://imgs.6sqft.com/wp-content/up...son-Blvd-2.jpg

[NYCityBoy]

The original design was much better...

[Zerton]

It's wild looking back at the start of this thread. So much got built that we didn't expect and this one is still on hold.

[NYguy]

Originally Posted by Zerton

It's wild looking back at the start of this thread. So much got built that we didn't expect and this one is still on hold.

I’m almost certain that if Related or even Tishman were building this one, it would be above ground, if not completed already.

[DCReid]

Now certainly would be a time to build in HY -

Manhattan Clocks Most Active Quarter For Office Leases Since 2019 -

https://www.bisnow.com/new-york/news...andemic-128744

..."Hudson Yards is especially desirable, with an availability rate of just 9% and the rental rate for all buildings in the neighborhood averaging roughly $163 per SF.

The Plaza District, which has become a hotbed for new development, has an availability rate below 12%. Plaza North follows Hudson Yards with the second-highest rental rate in the city, at $125 per SF. In Plaza South, rents sit at about $101 per SF."

But WTC2 may not get off the ground for a long time:

"The least sought-after neighborhoods remain in Lower Manhattan. The Financial District, where most of the city’s early office-to-residential conversions are taking place, has an availability rate of 25.6%, with rents at an average of about $56 per SF. "

[NYguy]

https://commercialobserver.com/2025/...5-343-madison/

BY ISABELLE DURSO
AUGUST 5, 2025

We also are in pre-development entitlement work on Site K, which we were awarded in December. That will be 1,300 units of residential and potentially a 400-key hotel as well, and that’s right across the street from the Javits Center and immediately north of our site at 3 Hudson Boulevard. So we have a lot going on on the development front right now.

Has 3 Hudson Boulevard broken ground?

We built all of the subgrade infrastructure and the foundations. Amtrak cuts a corner of that site, and we had to build over the tracks, so all of that is done, and the site is now at grade. Because it’s a 1.8 million-square-foot project, and the capitalization is over $3 billion, you need a construction loan. Those things sort of dictate that you have a meaningful pre-lease before you commit to one vertical, and we’re working on that.

In terms of potential tenants, can you say what areas they’re in?

Financial services. 343 Madison is very much targeted toward high-end financial services firms. We have seen interest from non-financial services firms. There have been a couple of tech-adjacent companies that have come through. But the vast majority of the tenants that have shown interest have been asset managers, private equity firms, hedge funds, etc.

Is that the same for the Hudson Yards project?

Hudson Yards is a little bit different. The main thing that drives demand for Hudson Yards is the desire for new space that’s custom built and has an amenity package that can be customized for that tenant. You’re doing it yourself within your own space, and having a blank canvas that you can work with to do that is very attractive for a lot of the tenants that want to go over there.

[ChiND]

I would hate to see this proceed before 175 Park.

[chris08876]

BXP, Moinian refinance Hudson Yards property with $108M loan

It took more than a year, but BXP and the Moinian Group managed to refinance its debt at 3 Hudson Boulevard after falling into maturity default.

JPMorgan Chase provided the developers with a $108 million loan at the site of a planned skyscraper in Hudson Yards, PincusCo reported. The debt replaced an $80 million loan originated by BXP, which matured last August and began ballooning with a hiked interest rate.

The outstanding balance reached $130.7 million as of the end of the third quarter, according to BXP’s earnings report filed with the SEC. That report disclosed BXP also provided a $50 million mezzanine loan alongside the refinancing.

Representatives of BXP and the Moinian Group did not immediately respond to requests for comment from The Real Deal.

BXP originated the $80 million loan when it joined a venture with Moinian in 2018. BXP paid $46 million at closing to purchase its stake in the development site, along with a commitment to fund an additional $62 million if needed. Moinian purchased the full city block lot from Verizon in 2005 for $54 million.

The debt replaced a mortgage of the same amount from American General Life Insurance Company.

==================
https://therealdeal.com/new-york/202...ith-108m-loan/

[NYguy]

https://commercialobserver.com/2025/...n-office-2025/

Anchor Tenants Are Disrupting Manhattan’s Office Market — in a Good Way


By Isabelle Durso
October 28, 2025

“Breaking into the universe of skyscraper development requires complete faith on the part of the anchor that the capital’s there and that [a developer] knows how to build,” Tighe said. “You should not be learning on the job. You better have built somewhere else, and you certainly shouldn’t be starting the first time in New York. The sponsor has to be able to demonstrate a capacity not only to capitalize, but to construct.”

BXP is certainly aware of that. The real estate investment trust’s 1.8 million-square-foot development at 3 Hudson Boulevard will likely require an anchor tenant in the range of 600,000 to 700,000 square feet in order to secure construction financing, Spann said.

It managed fine at 343 Madison. BXP is in the process of turning the former Metropolitan Transportation Authority HQ into a 46-story, 930,000-square-foot tower with offices, dining spaces, terraces and a seemingly endless amount of amenities. The first phase of construction on that project will be completed in June 2026, while the second and final phase is set to be done in 2029, Spann said.

Because 343 Madison is being built on a smaller scale than 3 Hudson Boulevard, BXP is funding construction off its balance sheet since it’s easier to fund a smaller development in the interim, Spann said. In addition, BXP has no joint venture partner at 343 Madison, allowing it to control the entire project. That made C.V. Starr’s anchor lease the icing on the cake.

“If you have the capital available to fund, you don’t have to have a pre-lease tenant,” Spann said. “But, for most developers in the market, if you require equity capital or debt capital, those capital providers are going to want to see some level of pre-
leasing just to get comfortable with the fact that it’s something that will be desirable at the end of development, and that they’ll make a return on their investment.”

[ChiND]

This building would look much better if it had a tiered crown.

Also, Tenth and Eleventh Avenues need to undergo dramatic road diets. Right now, they’re like race courses for trucks.



A crown like that on the Wells Fargo Center in Minneapolis would enhance this tower and make it look slimmer.


Wikipedia

[NYguy]

I really hope they choose this location…


https://www.crainsnewyork.com/real-e...e-245-park-ave


January 20, 2026

French bank Société Générale is considering relocating its New York headquarters from its current offices at 245 Park Ave., a skyscraper that occupies an entire city block.

The Paris-based firm is seeking roughly 500,000 square feet of offices elsewhere in Manhattan, according to people familiar with the matter, who asked not to be identified because the discussions are private.

Potential new locations include Vornado Realty Trust's 15 Penn Plaza, RXR Realty and TF Cornerstone's 175 Park Ave. and BXP and the Moinian Group's 3 Hudson Blvd., the people said.

[ChiND]

I’d prefer HYII, but this site would be my second choice.

[ChiND]

A more prominent crown would have been nice, but this is still a decent tower.

[mrnyc]

yes it looks good —