Norman Foster’s 50 Hudson Yards will be city’s most expensive office building at $4B
It’s been less than a month since it was revealed that starchitect Norman Foster would be designing the Related Companies‘ and Oxford Properties Group’s 50 Hudson Yards commercial tower, but the developers have already pegged the cost of the project at $3.94 billion, which will make it the city’s most expensive office building, reports The Real Deal. The 985-foot tower, where BlackRock has already signed a 20-year lease for 15 floors, will surpass One Vanderbilt‘s projected $3.14 billion price tag and Bjarke Ingels’ planned $3 billion+ High Line tower known as The Spiral, as well as One World Trade Center‘s current record of $3.8 billion.
The Real Deal uncovered the figure in an application Related filed with the New York City Industrial Development Agency to take advantage of financial incentives put into place in 2006 to encourage development in Hudson Yards. According to the filings, the tower will encompass 2.8 million square feet (making it the fourth largest commercial building in the city), which works out to $1,407 per square foot, not far off from the Tishman Speyer’s $1,230-per-square-foot cost at The Spiral.
50 Hudson Yards is expected to open in 2022, but for now Related is seeking a $2.56 billion construction loan.