Rockrose Development borrows $255M from Wells Fargo for new construction in Hudson Yards

Rockrose Development through the entity West 38 Res L.L.C. as borrower signed a loan agreement with lender Wells Fargo valued at $255 million for 1 parcel, including the tax class unlicensed parking lot (G7) at 555 West 38th Street in Hudson Yards. The deal closed on December 18, 2019 and was recorded on December 26, 2019.

Rockrose plans to build a 52-story residential tower expected to be completed in the fall of 2022.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 407,202 square feet. Those plans include a total of 591 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link