Henry Elghanayan’s Rockrose Development has secured $255 million in construction financing from Wells Fargo for the first phase of its project at 555 West 38th Street. Upon completion, the Hudson Yards rental will span 400,000 square feet, and consist of 598 rental units, plus a small retail component (1,600 SF). The second phase of the development will include a 1.2 million-square-foot office tower.
- Financing package: The package includes a $218.7 million building loan, and a $36.3 million project loan. Excavation on the site has already begun, and the developers hope to complete the project by 2022, CO reported. The development is located between 10th and 11th Avenues.
- Hudson Yards’ News: Construction for the second phase of Hudson Yards’ is no longer scheduled to be completed in 2024 as Related is no longer providing a timetable for its completion. There are still about 13 acres of land to be developed, which will likely include several new residential buildings, an office complex, and a public school. The slowdown in the condo market has hurt Related at 15 Hudson Yards where only 155 of 285 condo units have sold since sales began in 2016, according to the NYTimes.