NEW YORK CITY-Construction on the first building in the Hudson Yards development is beginning to take shape after nearly two decades of planning. This November, the Related Cos. plans to break ground on the initial 46-story office tower of the project at 501 W. 30th St. on the Far West Side, sources told the Wall Street Journal.

According to the WSJ, several lenders have stepped up to fund the 1.7-million-square-foot skyscraper, including Bank of America Corp., which has tentatively committed to finance a construction loan of approximately $400 million for the tower. In addition, a Middle Eastern sovereign-wealth fund agreed to invest with Related and its Canadian pension plan-backed partner, Oxford Properties Group, on the $1.2 billion office building.

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