Loan of related cos land for unsold condos at 15 Hudson Yards

Stephen Ross and Jeff Blau (left) with 15 Hudson Yards (Getty, Hudson Yards)

After a difficult year for luxury condo sales in Manhattan, related companies and Oxford Properties Group entered into a loan for unsold condos at 15 Hudson Yards earlier this week, according to records.

Wells Fargo’s $ 107.5 million financing is secured by 102 luxury tower units – 99 residential, two commercial, and one storage. The deal was first reported by PincusCo.

The 285-unit condo has already received a $ 850 million construction loan from the New York State Housing Finance Agency and the London hedge fund, the Children’s investment fund. When sales of a condo project fall short of expectations, developers often take out loans backed by unsold units to repay matured construction loans.

Luxury tower sales launched in September 2016 with Related seeks to reap $ 1.74 billion. Unit prices ranged from $ 3.9 million to $ 32 million. The building’s amenities include a 75-foot indoor pool, spa and fitness center, screening room, golf simulator, and dining room large enough to accommodate over 60 people.

In January 2019, Related announced that the condo was over 60 percent sold. By the end of this year, StreetEasy records showed 54% of the units had been sold and the developer said 6% were under contract, according to the New York Times.

A year later, it appears that the building is only 65% ​​sold. The condo inventory loan covers approximately 35 percent of the tower’s unsold residential units. Corcoran Sunshine Marketing Group has been handling sales for the project since 2016. The company did not immediately respond to a request for comment, nor did Related.

The number of residential sales in Manhattan last year fell dramatically after the start of the pandemic. But sales of new condos have started to accelerate in the fourth quarter of the year and new condo contracts of more than $ 4 million were signed at high levels since the beginning of the year.

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Johanna Gooding

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