Manhattan’s USD20 Billion Hudson Yards Project. Photo courtesy of HYDC

New York, USA – October 25, 2015

Hudson Yards is the area of Manhattan bounded by West 42nd and 43rd Streets, 7th and 8th Avenues, West 28th and 30th Streets, and Hudson River Park.

Since 2001, the City of New York, Metropolitan Transportation Authority, and the State of New York have collaborated on extraordinary planning initiatives to create a development program that will transform the Hudson Yards area into a vibrant, pedestrian-friendly, transit-oriented mixed-use district.

Manhattan’s USD20 Billion Hudson Yards Project. Photo courtesy of HYDC

The new Hudson Yards district will accommodate a major and vital expansion of the Midtown central business district, as well as job growth and new housing for the City's growing population.

Manhattan’s USD20 Billion Hudson Yards Project. Photo courtesy of HYDC

Key components of the development program are:

• The 2005 Rezoning of the Hudson Yards area and 2009 Rezoning of the Western Rail Yard, from manufacturing to commercial and residential.
As rezoned, the Hudson Yards area now has capacity for approximately 26 million square feet of new office development, 20,000 units of housing, of which almost 5,000 units will be affordable units, 2 million square feet of retail, and 3 million square feet of hotel space.

• The extension of the No. 7 subway line from its current terminus at Times Square to a new terminal station at 34th Street and 11th Avenue.

• Mixed-use development over the eastern and western portions of the MTA West Side Rail Yards containing up to 12 million square feet of Class A office, residential, hotel, retail, cultural and parking uses, 12 acres of public open space, and a 750-seat public school.

• Creation of new parks and public open space throughout the Hudson Yards area.

Hudson Yards Observation Deck image rendering. Observation deck that will sit at the 75th floor of the Hudson Yards' tallest tower, 30 Hudson Yards. Photo courtesy of HYDC

Established by the City of New York in 2005, the Hudson Yards Development Corporation (HYDC) spearheads the implementation of the City’s Hudson Yards development program.

HYDC has an experienced staff comprised of planning, development and construction professionals.

Hudson Yards Observation Deck image rendering. Observation deck that will sit at the 75th floor of the Hudson Yards' tallest tower, 30 Hudson Yards. Photo courtesy of HYDC

To accomplish its mission, HYDC collaborates with the various City and State entities and agencies that are involved in financing, planning, development and construction, including:

• Hudson Yards Infrastructure Corporation and the New York City Office of Management and Budget, for project financing and cost containment

• Metropolitan Transportation Authority (MTA), for construction of the No. 7 Subway extension

• MTA, New York City Department of City Planning and New York City Council, for planning and development of the Eastern and Western Rail Yards

• New York City Law Department, for condemnation and other property acquisition

• New York City Industrial Development Agency, for financial incentive programs to spur commercial development

• New York City Departments of City Planning, Housing Preservation & Development, Parks & Recreation, Transportation, Environmental Protection, and others, for streets, parks and other infrastructure improvements and for affordable housing development

• Convention Center Development and Operating Corporations, in connection with expansion of the Javits Convention Center and development of a convention center hotel.

Manhattan’s USD20 Billion Hudson Yards Project. Photo courtesy of HYDC

In January 2005, the New York City Council approved a comprehensive rezoning of the Hudson Yards that will transform this area into a vibrant, medium to high density extension of the Midtown business district with residential, cultural, hotel, and retail uses and substantial new open space and parkland.

Manhattan’s USD20 Billion Hudson Yards Project. Photo courtesy of HYDC

The rezoning allows for:

• 24 million square feet of new office space

• 13,500 new housing units, including almost 4,000 affordable units

• 1 million square feet of new retail space

• 2 million square feet of new hotels, including a new headquarters hotel for the Javits Convention Center

Manhattan’s USD20 Billion Hudson Yards Project. Photo courtesy of HYDC

In December 2009, the New York City Council approved a comprehensive rezoning of the Western Rail Yard that will transform this open air railroad storage yard into a vibrant, transit-oriented, mixed-use development with approximately 5,000 apartments, office, hotel, retail, cultural and community facility, and parking uses, and 5.45 acres of public open space.

Manhattan’s USD20 Billion Hudson Yards Project. Photo courtesy of HYDC

Extensive information on the zoning and development plan for the Hudson Yards area is available on the New York City Department of City Planning's website at http://www.nyc.gov/html/dcp/html/hyards/hymain.shtml 


District Improvement Bonus

Developers of commercial or residential projects in the Hudson Yards area have an opportunity to receive a zoning bonus that would allow their project to exceed the "base" maximum floor area ratio (FAR) established in the Zoning Resolution by making a District Improvement Bonus (DIB) payment to the Hudson Yards District Improvement Fund.

55 Hudson Yards Photo courtesy of HYDC

The District Improvement Fund will be used by the City to help finance density-ameliorating infrastructure improvements in the Hudson Yards area, including the No. 7 Subway Extension and new parks and open space.

55 Hudson Yards Photo courtesy of HYDC

The base maximum FAR and the maximum additional FAR that may be acquired through DIB payments are set forth in the Special Hudson Yards District provisions of the Zoning Resolution.

The Zoning Resolution initially established the DIB price at $100 per square foot, but requires the New York City Department of City Planning to make an annual price adjustment based upon the Consumer Price Index.

55 Hudson Yards Photo courtesy of HYDC

Notice of such increase and future notices of annual adjustments can be found on the Department of City Planning's website at
http://www.nyc.gov/html/dcp/html/hyards/implementation.shtml .


Eastern Rail Yard Transferrable Development Rights (ERY TDRs)

The Eastern Rail Yard Transferrable Development Rights ("ERY TDRs") are development rights that HYDC is authorized to sell to owners of certain properties within the Large Scale Plan Subdistrict (Subdistrict A) of the Special Hudson Yards District.

55 Hudson Yards Photo courtesy of HYDC

ERY TDRs are available for purchase pursuant to the ERY TDR Pricing Policy ("Pricing Policy") adopted by HYDC.


Development Information

HYDC has prepared detailed information on the Hudson Yards development program, zoning, and particular development sites in the Hudson Yards area.

55 Hudson Yards Photo courtesy of HYDC

Since the city first rezoned the area in 2005, more than 5,600 apartments and more than 3,900 hotel rooms have been built in Hudson Yards, giving life to the city’s vision for creating a new mixed-use neighborhood in the heart of Manhattan.

55 Hudson Yards Photo courtesy of HYDC

With the Number 7 Subway Line Extension and the Hudson Park & Boulevard completed, the public sector’s investment in infrastructure upgrades is estimated to have already spurred more than $5 billion of investment by some of the city’s leading developers.

And that represents just the beginning of what’s to come.

http://web.mta.info/capital/no7_alt.html

http://www.hydc.org/html/project/hudson-park.shtml  

10 Hudson Yards Photo courtesy of HYDC

According to Cushman & Wakefield’s “2011 Hudson Yards Demand and Development Report”, the Hudson Yards District will experience unparalleled construction activity over the next 30 years, as more than 50 million square feet of new office, residential, hotel, and retail developments are completed.

10 Hudson Yards Photo courtesy of HYDC

Learn more about planned projects by visiting the websites below:

• Hudson Yards – The Related Companies and Oxford Properties have partnered to transform MTA’s rail yards, a 26-acre site, into 12 million square feet of mixed-use development, with more than 10 acres of public open space.

http://www.hudsonyardsnewyork.com  

• Manhattan West - More than 5 million square feet of mixed-use development is planned for Brookfield Properties’ Ninth Avenue site.

http://www.manhattanwestnyc.com  

• 55 Hudson Yards – The Related Companies' 1 million square foot tower is planned for West 34th Street and 11th Avenue.

http://hudsonyardsnewyork.com  

30 Hudson Yards Photo courtesy of HYDC

Learn more about projects that are planned, under construction or have already been completed in the Hudson Yards area by visiting the websites below:

Commercial

• 55 Hudson Yards

http://hudsonyardsnewyork.com/office/55-hudson-yards/availabilities  

• Manhattan West

http://manhattanwestnyc.com  

• 3 Hudson Boulevard

http://3hudsonboulevard.com  

30 Hudson Yards Photo courtesy of HYDC

Residential

• Abington House

http://www.related.com/apartment-rentals/new-york-city/chelsea/abington-house  

• 505 West 37th Street

http://tfc.com/residential/505w37  

• 455 West 37th Street

http://tfc.com/residential/455w37  

• The Townsend

http://townsendnyc.com  

• Emerald Green

http://www.glenwoodnyc.com/properties/midtown-apartments/emerald-green/  

• Crystal Green

http://www.glenwoodnyc.com/properties/midtown-apartments/crystal-green/  

• MiMA

http://www.related.com/apartment-rentals/new-york-city/midtown/mima  

• Silver Towers

http://www.related.com/apartment-rentals/new-york-city/midtown/mima  

• Atelier

http://www.moinian.com/corporate/residential-listing.php  

Hudson Yards Photo courtesy of HYDC

Hotel

• TRYP NYC Times Square South

http://www.tryphotels.com/en/tryp-times-square-south-nueva-york-hotel-united-states-of-america.html  

• Yotel

http://www.yotel.com/en/hotels/yotel-new-york  

• Distrikt Hotel

http://www.distrikthotel.com  

• Fairfield Inn & Suites Times Square

http://www.marriott.com/hotels/travel/nycfi-fairfield-inn-and-suites-new-york-manhattan-times-square/  

• Holiday Inn Express Times Square

http://www.ihg.com/holidayinnexpress/hotels/us/en/new-york/nycws/hoteldetail  

• Hampton Inn Manhattan/Times Square South

http://hamptoninn3.hilton.com/en/hotels/new-york/hampton-inn-manhattan-times-square-south-NYCMAHX/index.html  

• Staybridge Suites Times Square

http://www.staytimessquare.com  

• Four Points by Sheraton – Times Square

http://www.starwoodhotels.com/preferredguest/ -language/interstitial/index.html  

Hudson Yards Photo courtesy of HYDC

Commercial space

With a bill of $20 billion, the project will create over 17 million gross square feet over a trainyard that houses LIRR and New Jersey Transit trains.

Approximately 10 million gross square footage in Hudson Yards will be dedicated to office space, rivaling entire cities.

Most of the construction has so far been done in the eastern section of the yards, which will be predominately commercial.

Hudson Yards Photo courtesy of HYDC

All of the towers will be completed at different times, with the first tower set to open in March 2016, the retail and public space slated for a 2018 opening, and the entire yard completed in 2019.

Coach, L'Oreal and Time Warner are just a few of the corporate tenants committed to moving to the yards within the next few years.

In addition, luxury department store Neiman Marcus announced it will open a three-level store in the shopping center of the Eastern Yard, and space for dozens more businesses and restaurants will be available.

Hudson Yards Photo courtesy of HYDC

More than 14,000 office and retail jobs, along with 7,500 construction jobs, have been generated by the redevelopment of the Hudson Yards, according to a representative at the NYC Economic Development Corporation.

In 2002, the city estimated that nearly 23,000 construction jobs will be created by the end of Related Companies' development.


Housing

Much of what the developers have in store for the residential component of the project is still under wraps.

Out of the 5,000 residential units that will be built by Related Companies, 431 will be dedicated to affordable housing.

Mark Spector, president of the Hudson Yards Development Corporation, has helped oversee work within and beyond Related Companies' development and said that securing affordable housing has been  a major goal of  both the current and former administrations.

Rent prices and the types of apartments being built haven't been announced, but there have been hints of amenities at the towers, including the first-ever Equinox-branded hotel inside 35 Hudson Yards.

Some 137 apartments available for sale will have access to the hotel's perks.

Residents of 15 Hudson Yards will get an Equinox fitness center of their own, a 24/7 concierge-attended lobby, pet services and VIP access popular nightclubs including Marquee, Avenue and Dream Downtown.

15 Hudson Yards Photo courtesy of HYDC

A culture shed that will host hundreds of events,including New York Fashion Week, will also be on the premises.

The public school that will be built in the Western Yard will have 750 seats available, for grades K-8.

The Department of Education hasn't announced which district the school will be designated to or when it will open.


Board of Directors

The HYDC Board is comprised of 13 directors, all of whom serve on an ex officio basis.

The City's Deputy Mayor for Economic Development and Rebuilding serves as Board Chairperson.

The other 12 directors are:
• The City's Deputy Mayor for Operations (A, G)
• Chairperson, New York City Planning Commission
• Commissioner, New York City Department of Housing Preservation & Development
• Commissioner, New York City Department of Parks and Recreation
• Commissioner, New York City Department of Small Business Services (G)
• Director, New York City Office of Management and Budget (A, G)
• President, New York City Economic Development Corporation (A, G)
• New York City Comptroller (A, G)
• Speaker of the City Council (A, G)
• City Councilmember for District 3
• Manhattan Borough President (G)
• Chair, Manhattan Community Board 4

G = Governance Committee, created October 2, 2006.
A=Audit Committee, created October 2, 2006.


Staff

President, Mark Spector

Vice President and Counsel, Lincoln Patel

Fiscal Manager, Susan Gil


For information or inquiries related to the Hudson Yards project or the Hudson Yards Development Corporation, please submit your message to info@hydc.org .

Mailing address is:
Hudson Yards Development Corporation
c/o New York City Economic Development Corporation
110 William Street, Room 400
New York, New York 10038

Hudson Yards na Manhattanie czyli największy projekt komercyjny w zakresie nieruchomości w historii USA

Hudson Yards, czyli projekt zagospodarowania ponad 10 ha gruntów w Nowym Jorku, staje się coraz bardziej rzeczywisty.
Nad West Side stanął już pierwszy drapacz chmur.

Kompleks Hudson Yards powstaje na zachodnim Manhattanie.
Docelowo rocznie odwiedzać go będzie nawet 24 miliony ludzi.

W ramach projektu powstanie 1,7 mln mkw. powierzchni komercyjnej - biura, sklepy, punkty usługowe oraz mieszkania.

W planach jest powstanie 100 placówek handlowo-usługowych oraz 5 tysięcy mieszkań i apartamentów.

Na gości czekać będzie hotel Equinox, a na mieszkańców - szkoła dla 750 uczniów.

Pierwsza faza obecnie na etapie realizacji zakłada powstanie czterech budynków:

• 10 Hudson Yards (52 kondygnacje),

• 30 Hudson Yards (90 kondygnacji),

• 50 Hudson Yards (62 kondygnacje),

• 55 Hudson Yards (51 kondygnacji).

Oprócz tego powstanie hotel na 200 miejsc, pawilon handlowy i duże centrum handlowe, a także część mieszkaniowa i kulturalna.

Na drugim etapie w planach jest budowa kolejnych wieżowców a także strefy publicznej.

Inwestorami projektu są: firma Oxford Properties oraz Related Companies.

Projekt całej inwestycji przygotowała pracownia Kohn Pedersen Fox.

Łączna wartość kompleksu to ponad 20 miliardów dolarów.


Source: Hudson Yards Development Corporation

http://www.hydc.org/html/home/home.shtml  

http://www.hudsonyardsnewyork.com  



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