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Cove’s Hudson Commons Lands $724M Blackstone Financing
Cove Property Group closed on a $724.2-million financing for Hudson Commons, its redevelopment at 441 Ninth Ave. in Manhattan’s Hudson Yards submarket. The financing on the 625,000-square-foot former warehouse, which a partnership of Cove and the Baupost Group acquired from Emblem Health in 2016, came from Blackstone Mortgage Trust.
“Cove and Baupost are extremely proud of the finished product, which we recently launched to market, and we look to welcome new tenants into the remaining tower floors,” said Kevin Hoo, managing partner at Cove. “We are pleased that Blackstone appreciates the execution of our vision, and we are excited to be partners with them in this next chapter of Hudson Commons.”
Eastdil Secured’s Grant Frankel, Phil McKnight and Ethan Pond represented Cove in securing the financing. Anchored by Peloton’s new headquarters space of 336,000 square feet, Hudson Commons is currently 65% leased.
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- ◦Financing
- ◦Development
