{"id":1004196911,"date":"2017-11-09T02:24:32","date_gmt":"2017-11-09T10:24:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004196911"},"modified":"2022-12-08T06:33:34","modified_gmt":"2022-12-08T14:33:34","slug":"manhattan-tower-lands-479m-construction-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/","title":{"rendered":"Manhattan Tower Lands $479M Construction Financing"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Rendering<\/a>

Rendering of Hudson Commons at 441 Ninth Ave. in Manhattan<\/p><\/div>\n

A joint venture between Cove Property Group and an institutional partner has received $479 million in construction financing to redevelop Hudson Commons, a 25-story, 701,364-square-foot trophy office building in the Hudson Yards\/Penn Plaza submarket of Manhattan.<\/p>\n

HFF arranged the financing through investment funds managed by affiliates of Apollo Global Management, including Apollo Commercial Real Estate Finance Inc.<\/p>\n

\u201cThe timeline to complete the building\u2014due to the existing structure already in place and no need for excavation and significant foundation work\u2014is very quick, allowing lenders to get their money to work quicker than a deal that has a 3-to-4-year timeline to complete,\u201d <\/em>Michael Gigliotti, HFF\u2019s senior director, told Commercial Property Executive<\/em>.<\/p>\n

Located at 441 Ninth Ave., between 34th and 35th Streets in the greater Hudson Yards submarket, Hudson Commons will boast a 17-story structure on top of an existing eight-story building, with 14 private terraces and balconies and onsite basement parking for up to 140 vehicles.\u00a0<\/p>\n

\"Hudson<\/a>

Terrace at Hudson Commons at 441 Ninth Ave. in Manhattan<\/p><\/div>\n

The proceeds from the loan will be utilized to reposition and redevelop the asset into an iconic Class A office tower with full block frontage along Ninth Avenue. The plans were designed by Kohn Pedersen Fox, and will incorporate highly efficient and varied floor plan layouts with high ceilings, as well as unique and sustainable elements such as terraces and green roofs.\u00a0<\/p>\n

The floor plates will range from 16,000 to 50,000 rentable square feet, combined with 14-foot ceiling heights throughout. Additionally, an abundance of outdoor space and amenities will allow tenants to focus on attracting and retaining the world\u2019s best talent.\u00a0<\/p>\n

Strong transportation options<\/strong><\/h2>\n

According to Gigliotto, the development is an alternative to the massive multi-million-square-foot towers going up in Hudson Yards.\u00a0<\/p>\n

\u201cA tenant as small as 16,000 square feet that has the desire to be in the Hudson Yards area can go to this building and have a full floor presence,\u201d <\/em>he said. \u201cThe building can also cater to larger tenants, and a 700,000-square-foot corporate user can take an entire building as opposed to being 30 percent of one of the larger Hudson Yards office properties.\u201d\u00a0<\/em><\/p>\n

The development is convenient to multiple mass transit options, as opposed to just the 7 train in Hudson Yards. The property benefits from being equidistant between Penn Station and the new 7 train extension servicing Hudson Yards, while providing easy access to the Port Authority and Lincoln Tunnel.\u00a0<\/p>\n

Joining Gigliotti on the HFF debt placement team were Geoff Goldstein, senior director, and Michael Tepedino, executive managing director.<\/p>\n

Last month, Cove Property Group teamed with Bentall Kennedy on the redevelopment and repositioning of 101 Greenwich, a 480,000-square-foot office building in Manhattan<\/a>.\u00a0<\/p>\n

Images courtesy of Kohn Pedersen Fox<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Cove Property Group teamed up with an institutional partner to redevelop Hudson Commons into a 700,000-square-foot trophy office building. HFF arranged the loan through affiliates of Apollo Global Management.<\/p>\n","protected":false},"author":451,"featured_media":1004196932,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,1600,21742,10,21747],"tags":[34301,33174,38287,32792,33717,38286,38288],"class_list":["post-1004196911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-apollo-global-management","tag-cove-property-group-llc","tag-geoff-goldstein","tag-hff","tag-kohn-pedersen-fox","tag-michael-gigliotti","tag-michael-tepedino"],"acf":[],"yoast_head":"\nManhattan Tower Lands $479M Construction Financing - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manhattan Tower Lands $479M Construction Financing\" \/>\n<meta property=\"og:description\" content=\"Cove Property Group teamed up with an institutional partner to redevelop Hudson Commons into a 700,000-square-foot trophy office building. HFF arranged the loan through affiliates of Apollo Global Management.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-11-09T10:24:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T14:33:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/441-Ninth-Ave.1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/\",\"name\":\"Manhattan Tower Lands $479M Construction Financing - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/441-Ninth-Ave.1.jpg\",\"datePublished\":\"2017-11-09T10:24:32+00:00\",\"dateModified\":\"2022-12-08T14:33:34+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/441-Ninth-Ave.1.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/441-Ninth-Ave.1.jpg\",\"width\":800,\"height\":620,\"caption\":\"Rendering of Hudson Commons at 441 Ninth Ave.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Manhattan Tower Lands $479M Construction Financing\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/aaa29b723dad85f2444ae3cb0c4d735f\",\"name\":\"Keith Loria\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/c971a04cf612cbf81bf5ac2e5ca5dfe85c32fa0d44d16ce044eee3b59755107d?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/c971a04cf612cbf81bf5ac2e5ca5dfe85c32fa0d44d16ce044eee3b59755107d?s=96&d=mm&r=g\",\"caption\":\"Keith Loria\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/keith-loria\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Manhattan Tower Lands $479M Construction Financing - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/","og_locale":"en_US","og_type":"article","og_title":"Manhattan Tower Lands $479M Construction Financing","og_description":"Cove Property Group teamed up with an institutional partner to redevelop Hudson Commons into a 700,000-square-foot trophy office building. HFF arranged the loan through affiliates of Apollo Global Management.","og_url":"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2017-11-09T10:24:32+00:00","article_modified_time":"2022-12-08T14:33:34+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/441-Ninth-Ave.1.jpg","type":"image\/jpeg"}],"author":"Keith Loria","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/","url":"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/","name":"Manhattan Tower Lands $479M Construction Financing - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/441-Ninth-Ave.1.jpg","datePublished":"2017-11-09T10:24:32+00:00","dateModified":"2022-12-08T14:33:34+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/aaa29b723dad85f2444ae3cb0c4d735f"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/441-Ninth-Ave.1.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/441-Ninth-Ave.1.jpg","width":800,"height":620,"caption":"Rendering of Hudson Commons at 441 Ninth Ave."},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/manhattan-tower-lands-479m-construction-financing\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Manhattan Tower Lands $479M Construction Financing"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/aaa29b723dad85f2444ae3cb0c4d735f","name":"Keith Loria","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/c971a04cf612cbf81bf5ac2e5ca5dfe85c32fa0d44d16ce044eee3b59755107d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c971a04cf612cbf81bf5ac2e5ca5dfe85c32fa0d44d16ce044eee3b59755107d?s=96&d=mm&r=g","caption":"Keith Loria"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/keith-loria\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/441-Ninth-Ave.1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004196911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/451"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004196911"}],"version-history":[{"count":5,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004196911\/revisions"}],"predecessor-version":[{"id":1004532351,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004196911\/revisions\/1004532351"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004196932"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004196911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004196911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004196911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}