Mere weeks away from breaking ground on the first building of the massive Hudson Yards development, the company in charge, Related Cos., has lined up financing for a new residential project right across the street. New York State’s Public Authority Control Board has authorized up to $54 million in tax exempt bonds for the 139-unit tower at 529 W 29th Street. The project is only eligible for these tax-exempt bonds due to the fact that Related is planning to sell some of the apartments to residents in the low to moderate income bracket at affordable rates.
The full cost of the project is going to be $85.8 million. Related Cos. itself will provide a $33.7 million equity contribution and the last bit will come from low-income tax credits. A spokesperson from Related didn’t want to discuss the financing but she mentioned that Related has plans to open the building in 2014.
So far things seem to be charging forward for this new project. In August, Related received approval from Chelsea’s community Board 4 on the company’s proposal to transfer over 100 units of affordable housing from the Manhattan Plaza Project located at 400 and 484 W 43rd Street to the new project at 29th Street. The spokesperson said that the developer is still working to get the necessary government approvals to allow the West 29th Street project to be 100 percent affordable.
Less than a block away from the project at 529 W 29th Street is another residential tower Related is developing with Abingdon Properties, located at 500 W 30th Street. This structure will end up being 32 stories and have 386 units. 77 of those units are planned to be affordable. Both structures are located right at the edge of the Hudson Yards development which breaks ground in the next few weeks on the first building of the project, a 46-story office tower anchored by Coach Inc. The Hudson Yards project is planned to be a 26-acre mixed-use mega development for Manhattan’s West Side.