BXP signs $108M refi with Chase for Hudson Yards office dev site

BXP, formerly known as Boston Properties, through the entity Bp/M 3hb Owner LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $108 million secured by the office building development site at 400 11th Avenue between 34th and 35th streets in Hudson Yards, Manhattan.
The deal closed on October 17, 2025 and was recorded on October 24, 2025. The prior lender was Boston Properties which held debt that had an original loan amount of $80 million.

The company has plans filed in 2014, 121186705, for a 250-foot tall, 14-story office building with 452,817 square feet.
The owner bought the property on December 21, 2005, for $54.8 million. The signatory for BXP was Richard Monopoli . The signatory for JPMorgan Chase was John Spears .

The property

The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, $8,750 in ECB penalties, and $9,950 in OATH penalties in the last year.

The neighborhood

In Hudson Yards, The majority, or 59 percent of the 16.8 million square feet of commercial built space are office buildings, with elevator buildings next occupying 22 percent of the space. In sales, Hudson Yards has the 41st highest sale turnover among other neighborhoods in Manhattan with $39.8 million in sales volume in the last two years. For development, Hudson Yards has had very little major development activity relative to other neighborhoods.It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 2,761,120 square feet of the 2,761,120 square feet. The two identified owners are Tishman Speyer and Moinian Group.
On the tax block, there was one new building construction project filed totaling 2,216,567 square feet. It is a 2,216,567 square-foot business (B) building submitted by Tishman Speyer and filed by Patrick Shiels with plans filed September 29, 2016 and permitted April 4, 2019.

All properties are office.

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