Kramer Levin’s long-standing role in the development of the 28-acre Hudson Yards project on Manhattan’s far West Side continued throughout 2016 with two major deals on behalf of Related Companies and Oxford Properties Group.
Serving as condominium counsel, we helped close a $1.2 billion loan in July for the construction of 35 Hudson Yards, a 1,000-foot-tall, 1.1-million-square-foot mixed-use tower that will feature an Equinox-branded luxury hotel as well as office and retail space and residential condominiums. In addition to structuring the building’s overall condominium regime, which was a necessary prerequisite to the loan closing, we are representing the developer in the registration and public offering of the approximately 135 luxury residential apartments.
We also provided counsel to Related Companies and Oxford Properties Group in registering and bringing to market their $1.7 billion offering of luxury condominiums at 15 Hudson Yards. This deal represented the first offering among several mixed-use buildings planned at the Hudson Yards development. Construction on the 88-story tower started in late 2014 and is projected to be completed in 2018. The building is scheduled to include 285 market-rate condos, ranging from one to four bedrooms, priced between $2 million and $30 million. It will also include 106 affordable units as well as
The Shed, a not-for-profit performing arts facility.
Over the past few years, Kramer Levin has helped clients plan and develop several other buildings within the project site that rises above the Long Island Rail Road yards. These mixed-use properties include 10, 20 and 30 Hudson Yards.