Wells Fargo Named Preferred Mortgage Provider for Hudson YardsBy
Company to be recommended bank for NYC commercial development
Lender will move its investment bank to the West Side complex
Wells Fargo & Co.’s push to grow in New York is extending to the west side of Manhattan.
The San Francisco-based lender won a deal to be the recommended bank for Related Cos.’ Hudson Yards, the largest private real estate development in U.S. history, according to Jamie Moldafsky, the bank’s chief marketing officer. The relationship could give Wells Fargo a boost as consumers and businesses move into the development’s approximately 4,000 residences and hundreds of shops and business spaces.
“It’s Wells Fargo planting a bigger flag in Manhattan,” Moldafsky said in an interview. The company wants to become “a visible part of a community that we’ve always served,” and plans to do that “on even a broader level and deeper level.”
Wells Fargo previously announced that it purchased about 500,000 square feet of office space in Hudson Yards and plans to move the regional headquarters of its investment bank to the development.