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Ares, Douglaston to Develop 931-Unit Residential Tower at Manhattan’s Hudson Yards

NEW YORK CITY — A joint venture between Ares Corp. and Douglaston Development will develop 601 West 29th Street, a 931-unit residential tower that will be located at the intersection of Manhattan’s Hudson Yards and West Chelsea neighborhoods. The property, which will span a full city block and rise 58 stories, will comprise 697 market-rate units and 234 affordable units, as well as 186 parking spaces and 15,000 square feet of ground-floor retail space. Amenities will include a pool, fitness center, outdoor terraces, resident lounges and pet care services. A syndicate of banks led by HSBC and including Bank of China and Raymond James Bank provided construction financing. Greystone arranged the debt. Demolition work on the site is underway and completion is slated for late 2022.

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