The Hudson Yards is a 20 billion dollar real estate project consists of about 28-acre mixed-use real estate development on the far west side of midtown Manhattan. This new real estate development, by the Related Companies and Oxford Properties, is one of the largest private real estate developments in the history of the United States. There is a big push for the success of the project from the NYC government as well. No. 7 subway line was extended to the Hudson Yards and has been operating since September 2015.
The Hudson Yards mega project is to be completed in two phases. It is expected to consist of 16 skyscrapers containing more than 18 million square feet of commercial and residential space, state-of-the-art office towers, more than 100 retail stores, including New York’s first Neiman Marcus, and a collection of restaurants. The development will also include approximately 14 acres of public open space, with the Vessel as the centerpiece of this urban oasis.
In addition to work, live and entertainment, the Shed will be New York’s first multi-arts center designed to commission, produce, and present all types of performing arts, visual arts, and popular culture. There will also be a 750-seat public school and an Equinox Hotel® with more than 200 rooms.
Many companies are also moving to the Hudson Yards. The first office building, 10 Hudson Yards, opened in 2016, it’s almost fully occupied. The main tenant is a luxury handbag manufacturer, Coach, which occupies about one-third of the space in this building. 30 Hudson Yards, another commercial building that is expected to open in 2019, is already fully committed. WarnerMedia, a global media and entertainment company, plans to move approximately 5,000 employees from its corporate operations as well as its CNN, HBO, Turner Broadcasting and Warner Bros. entities to 30 Hudson Yards, consolidating the divisions under one roof for the first time. This building will have private equity firm KKR, Wells Fargo Securities, as well as the Related Companies and Oxford Properties, the developers themselves.
The first condo, 15 Hudson Yards, which has started sales in 2016 is scheduled to start closing at the end of 2018. This is a tremendous investment opportunity for investors given that there are very limited new condo inventories in an area with significant changes. Owners at 15 Hudson Yards can also benefit from a 20 year tax abatement, that is very rare for new developments in Manhattan now. Future residents will be living in such a city within a city, and enjoying unprecedented new life experiences.
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