The real estate developers TF CornerStone and RXR are teaming on a proposed New York City mixed-use property that could become the tallest and most expensive skyscraper ever constructed in the country.
Business Insider reports the project, dubbed 175 Park Avenue, would rise 1,575 feet tall and cost as much as $6.5 billion. The project would offer both office space and hotel units.
The developers are looking to secure up to $4.84 billion in federal loans to finance their plans – the Department of Transportation would be the agency to sign off on the loans because funding is being sought through the Railroad Rehabilitation and Improvement Financing and Transportation Infrastructure Finance and Innovation Act. Scott Rechler, CEO and chairman of RXR, believed the Trump administration will support the proposal.
Photograph courtesy of Warner Bros.
