Canadian developer gambles on a $15B slice of New York

Oxford Properties, a Canadian real estate developer, is betting $15 billion on the Hudson Yards project tagged by New York City Mayor Michael Bloomberg as a "once-in-a-generation opportunity." A $1.5 billion platform will be built over a 26-acre rail yard and that new space will become a new neighborhood -- home to 5,000 apartments, 6 million square feet of Class A office space and 1 million square feet of retail. "We certainly think there are tenants who are in the market now who are going to look at the numbers and realize they could be paying about the same thing or even a little bit less to be in one of our new towers," said Blake Hutcheson, CEO of Oxford. Construction is expected to start next year.

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