Related snags financing for residential tower by Hudson Yards

Related Co. has landed financing for a West Side residential tower across the street from its 26-acre Hudson Yards development, which is slated to break ground in the next few weeks.

The state Public Authority Control Board approved up to $54 million in tax-exempt bonds for the new project at 529 W. 29th St., which will reserve some of the 139 units for affordable housing.

The development will cost $85.8 million, with the rest of funding from low-income tax credits and $33.7 million equity from Related, the Wall Street Journal reported. The rental tower is scheduled to open in 2014.

The West 29th Street site, along with another 386-unit Related development at 500 W. 30th St., borders the massive mixed-use Hudson Yards project, which will include over 12 million square feet of residential and commercial space. The first building in Hudson Yards, a 46-story office building anchored by Coach Inc., is set to break ground in the coming weeks.