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XR and TF Cornerstone are seeking up to $4.84 billion in federal loans to fund their supertall project at 175 Park Avenue, a Midtown East office and hotel tower. The developers plan to apply through the Transportation Infrastructure Finance and Innovation Act program, which offers low-cost financing for transportation-related projects. They will contribute $550 million towards transit improvements around Grand Central Terminal.

    The project's unique financing needs stem from traditional lenders' reluctance to fund office developments in recent years. Even if typical lenders were available, securing a $6.5 billion construction loan would be challenging. For comparison, One Vanderbilt secured a $1.5 billion construction loan from six lenders in 2016.

    To mitigate this risk, the developers are exploring alternative financing options and have opened a leasing gallery for the project. The 92-story tower will feature 2.5 million square feet of office space, a 200-room Hyatt hotel, and 10,000 square feet of retail space. RXR CEO Scott Rechler plans to reach out to the incoming Trump administration at an appropriate time to discuss their financing request.