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Hudson Yards Redevelopment Receives $479M in Construction Financing

Cove Property Group will redevelop and reposition the Hudson Commons office tower.

Rendering of Hudson Commons, property in the Hudson Yards District

NEW YORK CITY—Cove Property Group secured a $479 million construction loan to convert an eight-story building at 441 Ninth Avenue, between 34th and 35th streets, into a 25-story Class A office tower, named Hudson Commons.

The structure was originally built as a warehouse in 1962 and later developed into an office building in 1983, according to the Cove website. As recorded in Real Capital Analytics, in 2016 for $330 million, Cove and its joint venture partner, the hedge fund, the Baupost Group, acquired the eight-story, 423,000 square foot building that was owned and occupied by EmblemHealth as a single tenant.

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Betsy Kim

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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