Posted Dec 10, 2014, 1:59 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
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https://www.facebook.com/HudsonYardsNewYork
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A lot is happening at the International Council of Shopping Centers Conference at the Javits Center! Not only did the Hudson Yards team unveil a 1,000 pound, 17 ft tall model, but they also introduced a new immersive technology experience developed by Floored. Using the new Oculus DK2 technology -- a first at the conference -- guests can experience a fully customizable, virtual look at the future of New York City shopping and dining at Hudson Yards. You don't want to miss it!
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http://commercialobserver.com/2014/1...-hudson-yards/
Oxford, Related Virtually Open Hudson Yards
BY TOBIAS SALINGER
12/08/14
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They turned a virtual city within a city into a virtual reality.
The Related Companies and Oxford Properties are giving attendees of the International Council of Shopping Centers‘ New York National Dealmaking Conference the opportunity to visit their 17-million-square-foot Hudson Yards complex years before it opens through a 17-foot tall model and 3-D experience by Floored in the lobby of the Jacob K. Javits Convention Center.
The companies anticipate 24 million annual visitors to the site once the massive 28-acre development rising from Manhattan’s Far West Side is complete in 2018. But, until they finish aspects of project like the 1-million-square-foot, the 14 acres of public open space and the 5,000 residential units slated for the complex, the immersive 3-D experience offers the best chance yet to experience the companies’ eye-popping vision.
“There’s really no retailer today that’s been pitched Hudson Yards for the first time,” said Webber Hudson, an executive vice president with Related Urban. “The purpose of the model today is to advance people’s understanding of its scale beyond an 8.5 x 11 inch piece of paper.”
Oxford and Related’s plastic scale model stood in front of a massive projector screen that set the model in New York City’s skyline. Floored staffers helped patrons walk into the future Hudson Yards by presenting them with a pair of glasses with “Oculus Rift” technology that allows the user to tour the new shopping center while looking up and down at the future skyscrapers.
While the three-floor, 250,000-square-foot Neiman Marcus store will anchor the Shops, over 100 other retailers will also lease space at the vast complex, Related and Oxford officials say. But the display, which the companies introduced in an initial version at the Las Vegas ICSC conference and enhanced for this week’s dealmaking summit, provides an unprecedented peak into the development years ahead of its opening.
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http://www.wsj.com/articles/hot-sour...al_real_estate
Hot Source of Property Financing: Visa Seekers
Developers Raise Millions for U.S. Projects Through EB-5 Visa Program
By ELIOT BROWN
Dec. 9, 2014
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The giant trucks pumping concrete in Hudson Yards, New York’s biggest real-estate project in a generation, are being financed by an unlikely source: about 1,200 Chinese families in search of U.S. visas.
Developer Related Cos. says it has raised roughly $600 million from the families to build the foundation for three skyscrapers at the West Side project, a 17-million-square-foot colossus of office, retail and residential space set to open over the next decade.
To finance the concrete-steel platform, Related tapped a little-known and at times controversial federal visa program known as EB-5, which offers green cards to foreign families who invest at least $500,000 in U.S. projects that create at least 10 jobs per investor.
The amount brought in so far, which privately held Related hasn’t previously disclosed, is a record for the cash-for-visa program.
.....The growing popularity has made for lengthy processing times for investors and developers. But Related successfully urged the federal government to declare the development a project of such national importance that it deserved expedited approval.
Raising the money through traditional means would have been difficult because of the yearslong gap between when the platform over the 13-acre train yard is started and when the buildings are completed and income starts rolling in, said Related Chief Executive Jeff Blau.
“It was a very critical part of the puzzle,” said Mr. Blau, who expects to rake in hundreds of millions of dollars more from Chinese and other foreign investors as the project progresses.
In all, the project’s tab is expected to top $20 billion. Related plans to fund much of that through traditional debt and equity investments, Mr. Blau said, and the developer has invested equity in the platform alongside the EB-5 money. But he expects the $40 million to $50 million the firm is raising each month in EB-5 money to continue to play a major role. The company recently won broker-dealer status in the U.S., helping it to maintain this pace.
“It’s so big there’s not enough capital from any one traditional source,” he said.
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Last edited by NYguy; Dec 10, 2014 at 2:19 PM.
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