[NYguy]

https://www.businesswire.com/news/ho...0606005800/en/

Ares Management’s Real Estate Group and Douglaston Development Announce Joint Venture to Develop 58-Story, 931-Unit Hudson Yards Mixed-Use Residential Tower
Joint Venture Also Closes Construction Financing for the Development Located at 601 W. 29th Street


June 6, 2019

Real estate private equity funds managed by affiliates of Ares Management Corporation (NYSE:ARES) and Douglaston Development announced today that they have established a joint venture to develop 601 W. 29th Street (a/k/a 311 Eleventh Avenue), a 931-unit luxury mixed-use residential development located at the intersection of Manhattan’s West Chelsea and Hudson Yards neighborhoods.

The joint venture also announced today that it has received construction financing for the project from a syndicate of banks led by HSBC, with co-lenders Bank of China and Landesbank Hessen-Thüringen (“Helaba”) with participation in the loan facility from Santander Bank and Raymond James Bank. The joint venture also closed upon the acquisition of approximately 120,000 square feet of air rights from Hudson River Park, with the proceeds going towards funding significant park improvements in the neighborhood.

“Douglaston is thrilled to kick-off our new partnership with Ares on this ground-breaking development,” said Jeffrey Levine, Chairman of Douglaston Development. “I am very proud of my team for how far along we have come with this project. It took multiple years to get this very complicated nearly 1-million-square-foot site rezoned and assembled.”

Added Douglaston Development President Steven Charno: “Structuring a project of this scale requires a sophisticated team and we’re proud to work with such an esteemed partner and group of lenders. Upon completion, 601 W. 29th Street will sit on the High Line at the crossroads of Hudson Yards and West Chelsea and will be a great addition to a changing landscape.”

Spanning a full block on 11th Avenue between 29th and 30th Streets, 601 W. 29th Street will rise 58 stories, providing residents with unobstructed views in all directions, ease of access to the cultural amenities of Hudson River Park and the Chelsea neighborhood, as well as direct access to the heart of Hudson Yards, Manhattan’s preeminent mixed-use neighborhood.

The project is being designed by FXCollaborative (formerly FXFowle Architects) with a vision of bringing together distinctive architecture and efficient units with an expansive suite of lifestyle-oriented amenities. The market-leading, 50,000-plus-square-foot amenity package will include an expansive fitness center, multiple outdoor terraces, a pool, private cabanas, resident lounges, and pet daycare. 601 W. 29th Street will be comprised of 931 residential units (697 market rate and 234 affordable units), 186 parking spaces and 15,000 square feet of Class-A retail space. Demolition and site work are already underway, and the project is expected to open in late 2022.