Manhattan’s newest neighborhood spans from 30th to 43rd street on the west side. In the immediate area is the 7 train, the Lincoln Tunnel, and the Javits Convention Center. Just blocks away are New York City’s famed Times Square and Bryant Park.
Hudson Yards, when completed, is a 26 acre development with 5,000 apartments, a hotel, a new public school and 12 acres of public open space.
The most notable development is Related Companies’ 50 Hudson Yards, a 2.9 million square foot masterpiece that will be NYC’s most expensive office building. This LEED Gold-designed building will be completed in 2022 following the 2018 completion of one their other project situated at 55 Hudson Yards. BlackRock has signed an 850,000 square foot lease along with Wells Fargo taking 500,000 square feet at 30 Hudson Yards.
The first condominium tower to be completed by the end of 2018 is 15 Hudson Yards. What is the price tag to snag one of these luxury condos? The asking price for the first penthouse on the market is a whopping $32 million. The rest of the units, of which 40% have already been sold, start at $3.9 million.
Brookfield’s 1 Manhattan West and 5 Manhattan West towers are part of their eight-acre development in the neighborhood. So far, Brookfield has signed tenants such as Amazon, JP Morgan, and Whole Foods. Tishman Speyer is building their “Spiral” office tower spanning the entire block from 34th to 35th street at Hudson Boulevard and has pharmaceutical company Pfizer slated to take 800,000 square feet.
Other tenants with signed leases at Hudson Yards include HBO, CNN, L’Oreal USA, Coach, SAP and others.
This mega development is primarily being developed by the Related Companies and Oxford Property Group with Mitsui Fudosan America Inc. taking a large stake in the project. Hudson Yards is the most expensive private project in United States History with $3.8 billion in financing just for phase one. $1.5 billion of this was sourced from a construction loan coordinated by Deutsche Bank, HSBC, Bank of China, Wells Fargo, and Sumitomo Mitsui Banking Corp.
The designers and architects behind these buildings include KPF, David Rockwell, Foster + Partners, among others. The highly anticipated outdoor gardens are the work of Thomas Woltz with Thomas Heatherwick creating a new interactive city landmark that resembles a beehive with 154 flights of stairs named “Vessel.”
With an incredible team of developers, architects, and designers it’s no wonder that Hudson Yards has surpassed financial and leasing records in its creation.