$25 Billion Hudson Yards is the largest private real estate development in the history of the United States
Like many of you I love real estate, but I also love New York which is one of the many reasons I obtained my brokers license there a while back. So of course, I had to visit Hudson Yards, it’s the largest private real estate development in the history of the United States, and the largest development in New York City since Rockefeller Center. This six-block area on Manhattan’s West Side, comprising 28 acres over active railroad tracks and tunnels, is being redeveloped for residential, commercial, and open public space use.
It’s a huge feather in the hat for Stephen Ross founder of the Related Companies to say the least. Related is unique among developers in that it retains ownership of the rental buildings it constructs and has a robust portfolio of affordable rental properties that provide consistent income.
The 25 Billion Dollar development is a brisk 5-minute walk from the legendary Madison Square Garden and a stone’s throw away from the homes of the likes of pop star Ariana Grande. Related Companies is the primary developer, and Oxford Properties, a Canadian firm, is a major equity partner. Related and Oxford, along with several large investors, have funded Hudson Yards’ construction from a number of capital sources, including from foreign investors through the EB-5 investment program. Misui Fudosan, a owns a 92.09 percent stake in 55 Hudson Yards, and a 90 percent stake in 50 Hudson Yards.
The New York Times produced the following article which I found to be the most interactive. Click on the link below and scroll through; https://www.nytimes.com/interactive/2019/03/14/arts/design/hudson-yards-nyc.html
At the center of the development stands “The Vessel” created by English designer Thomas Heatherwick, this work of art has 154 flights of stairs and 80 landings allowing visitors a wide variety of memorable views. Presently “only” 700 people can walk it at a time. You can help give it a new name by submitting a new name here: https://www.hudsonyardsnewyork.com/whats-next
For those that aren’t quite ready to acquire a condo at the 15 or 35 Hudson Yards buildings that start at $4 million to $32 million+ there are leasing options.
One Hudson Yards, is a 178 unit building with three floor plans one bedrooms at 624 sf, rents at $7,159 per month, two bedrooms at 906 sf rents at $9,391, and 1,159 sf three bedroom units rent at $12,929. As you would imagine the units are rich in amenities, hi-tech units, sun terrace with barbecue grills, penthouse lounge with adjoining terrace Pool, and spa designed by Andrew Kikoski, and a dry sauna, among others.
The market/affordable Abington House has 313 units with three floor plans. Studio units are 500 sf rents at $4,038, one bedrooms are 650 sf rents at $5,139, and two bedrooms units are $1,009 sf renting at $7,584. Units have high ceilings, and select units have northern & eastern exposure with views of the skyline. There is a long list of amenities including 24-hour attended lobby, 24 hour valet, Kitchen Aide appliances, and a state of the art fitness center to name a few.
The Shops & Restaurants of Hudson Yards include a seven-story mall with 100 shops and 20 restaurants and raises the bar for any asset deeming to be Class A. Tenants include but are not limited to Patek Phillipe, Van Cleef & Arples, Rolex, Louis Vuitton, and the world recognized restaurant Estiatorio Milos.
The next time you find yourself in the Big Apple carve out a few New York minutes to visit Hudson Park, because it’s the largest private real estate development in the history of the United States
