RXR and TF Cornerstone are seeking $4.84 billion in federal loans under transportation financing programs to fund their 1,575-foot office and hotel tower at 175 Park Avenue near Grand Central Terminal. The $6.5 billion project includes 2.5 million sq. ft. of office space, a 200-room Hyatt hotel, and retail space. Developers plan $550 million in transit improvements but lack an anchor tenant, complicating traditional financing options. Programs like TIFIA offer long-term, low-cost loans, with $30 billion available. The project seeks innovative funding as lenders remain cautious about large-scale office developments.
RXR and TF Cornerstone
