"Brookfield is thrilled to have kicked off construction on our premier development on the west side of Manhattan," said Dennis Friedrich, Chief Executive Officer of Brookfield Office Properties. "We are proud to be investing in this exciting New York neighborhood and look forward to Manhattan West taking its place as the gateway project for the Hudson Yards district."
"With today's groundbreaking, we're taking a major step forward in the transformation and rebirth of the Far West Side of Manhattan," said Mayor Bloomberg. "The state-of-the-art Manhattan West development will include two new office towers, a residential tower, new shops and restaurants, and an acre and a half of new outdoor space -- making it a vital piece of the mixed-use community we've envisioned for the Hudson Yards area, and which is now starting to take shape."
"Mayor Bloomberg has outlined a bold vision for the Far West Side of Manhattan that will bring jobs and investment to one of the largest underdeveloped parts of Manhattan, and Brookfield's investment at Manhattan West is the latest evidence of that vision becoming reality," Deputy Mayor for Economic Development Robert K. Steel said. "Brookfield's start of construction is a statement of long-term confidence in New York City's future."
"I'm thrilled that construction of Manhattan West is beginning and that we will soon bring the residential, cultural and retail energy of so many city neighborhoods, as well as convenient transportation infrastructure, to what is currently an underutilized rail yard," said City Council Speaker Christine C. Quinn. "The project is a crucial link between Penn Station, Moynihan Station and the entire rezoned Hudson Yards District, and I look forward to securing tenants through the project's completion."
"The groundbreaking for Manhattan West is yet another indication of the economic health and vitality of New York City's west side," said Manhattan Borough President Scott M. Stringer. "This area has grown by leaps and bounds in recent years, and the Manhattan West project will now take that renewal to the next level -- with an innovative platform design to accommodate the city's bustling transportation system, and a pedestrian-friendly corridor for west side neighbors. The project's two million-square foot office towers will grow our economy, create jobs, and attract the best and brightest media, entertainment and technology talent to set up shop in Manhattan for years to come."
"This is a great milestone for New York City and Brookfield as we now see our dream -- the dream of over 30 years in the making, to develop the Far West Side as the successful expansion of Manhattan's Central Business District with over 50 million square feet of commercial, residential, retail and hotel development," said Ann Weisbrod, President of the Hudson Yards Development Corporation.
"Manhattan West will serve as the bridge between Chelsea and the Midtown central business district, providing a pedestrian-friendly way to get from Penn Station to the High Line and to the Hudson River," added Dennis Friedrich, CEO of Brookfield Office Properties. "The open space will be a recreated grand 32nd Street, 100 feet wide, leading from Ninth Avenue to Dyer Avenue then south toward the spur of the High Line. It will be an amenity for the neighborhood -- and for the city,"
Financing for the platform project has been secured with a five-year, $340 million construction loan from a bank group that includes HSBC Bank, The Bank of New York Mellon, The Toronto-Dominion Bank, U.S. Bank, The Bank of Nova Scotia, and Wells Fargo Bank. The land and platform construction represent a projected initial investment of $680 million, of which Brookfield will invest approximately $340 million of its own capital with no public subsidies.
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