The Cove Property Group and the hedge fund Baupost Group have revealed the first renderings for 441 Ninth Avenue in Hudson Yards. The new building will be a renovation of the existing 8-story structure built in 1962 with the addition of a 17-story framed glass upper section. The new building will result in 700K SF of rentable space. Construction is expected to start in January 2018 with leasing expected to commence soon after. Completion is estimated by the summer of 2019. The private equity firm Apollo Global Management provided $479 million in construction financing. Cove Property Group and Baupost Group acquired 441 Ninth Avenue in August 2016 for $330 million.
