Development is thriving in the area surrounding the Hudson Rail Yards, the New York Times reported. In fact, this is the most active development period since the Related Companies project was first announced. Following the rezoning of the area, which spans 28th through 43rd streets west of Eighth Avenue, in 2005, the Times said 5,000 apartments have been built and more than $5 billion in private funds have been invested in the neighborhood.
Most recently, Iliad Development said it is aiming to break ground on a new 200-unit rental building to be located at 509 West 38th Street during the fourth quarter of this year. According to the Times, this is one of dozens of new developments being planned in the next several years. But not all are currently being developed — Sherwood Equities is holding off on 360 10th Avenue until the economy gets better, it said.
“The activity really began to pick up about six months ago when the announcement that the extension of the No. 7 Subway line was on budget and, more importantly, on time,” Massey Knakal Realty Services Chairman Robert Knakal told the Times. He added that the luxury brand Coach’s decision to set the first office tower within the area further created development buzz within the area. [NYT]