Related Companies borrows $78.5M from NYS bonds for 15 Hudson Yards affordable units

Related Companies through the entity 15 HY Base Unit Owner LLC as borrower signed a loan agreement with the New York State Housing Finance Agency, which issued and sold bonds totaling $78.5 million secured by 1 parcel, including the tax class commercial condo recorded in Acris (CC) and containing 107 residential units at 553 West 30th Street in Hudson Yards. The deal closed on July 29, 2020 and was recorded on August 27, 2020.
The property contains a total of 106,692 square feet of built space.
The average loan per unit is $1,467,290.
This is the proceeds from a 2020 bond issuance.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link