Jeff Blau:
The affordability of New York City is the key to having a vibrant community. We have to keep New York affordable. But that doesn’t happen by accident.
[TITLE CARD: The Future of NEW YORK]
[TITLE CARD: Jeff Blau, CEO, Related Companies]
Jeff Blau:
My father was a contractor. I grew up working on construction sites. This is in my DNA.
[TITLE CARD: Willet Point, Queens]
Related is one of the largest owners of affordable housing in the United States. It’s really about building homes and communities...
[TITLE CARD: Marine Terrace, NY]
...for families.
[TITLE CARD: Somers Point, NY]
Wells Fargo has been an...
[TITLE CARD: North Park, NY]
...incredible banking partner really since the company was founded. They have a very strong focus on affordable housing.
Kara McShane:
Over the last...
[TITLE CARD: Kara McShane, Head of Commercial Real Estate, Wells Fargo Corporate & Investment Banking]
Kara McShane:
...five years, we’ve committed over $34 billion of capital—debt and equity—to develop or preserve nearly 150,000 affordable housing units across the country. We’re looking for ways to have a positive impact on our community well into the future.
Jeff Blau:
Hudson Yards was really...
[TITLE CARD: Phase One]
...an abandoned part of the city, so we had to build everything at once to create a real community.
Kara McShane:
At Hudson Yards, we have led development financings of over $8 billion, including a $1.8 billion construction financing for 50 Hudson Yards.
[TITLE CARD: Phase Two]
Jeff Blau:
Phase two will have over 4,000...
[TITLE CARD: 4000+ housing units, 40 Hudson Yards, Residential, Mixed Use]
...new housing units...
[TITLE CARD: 625 affordable, development plans subject to change]
—625 will be affordable. We’re also rebuilding the...
[TITLE CARD: Hudson Yards, Fulton & Elliott-Chelsea Houses, Manhattan]
...Fulton and Elliott-Chelsea Houses...
[TITLE CARD: Willets Point]
...and building at Willets Point. Wells Fargo became a partner with us in working with the New York City Housing Authority, speaking to the city, to the state, to really help us make this happen.
Kara McShane:
These developments will deliver upwards of 8,000 new apartments to neighborhoods in desperate need of affordable homes.
Jeff Blau:
The greatest moments are when a family tells us this home has changed their lives. We’re really building for the future.
Kara McShane:
We are changing the skyline, the city and the lives of the people that live in this community. We’re working to create a New York City that will thrive well into the future.
Close with music
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Sponsored by Wells Fargo Corporate & Investment Banking
The Next Horizon
Related Companies
bloomberg.com/thenexthorizon
Wells Fargo Corporate & Investment Banking (CIB) and Wells Fargo Securities (WFS) are the trade names used for the corporate banking, capital markets, and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, member of NYSE, FINRA, NFA, and SIPC, Wells Fargo Prime Services, LLC, member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A., member NFA and swap dealer registered with the CFTC and security-based swap dealer registered with the SEC, member FDIC. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC, are distinct entities from affiliated banks and thrifts. © 2025 Wells Fargo & Company.
