The Real Deal New York

Category: Hudson Yards

  • Clockwise from top left: Stephen Ross, a rendering of the South Tower (courtesy Kohn Pederson Fox), Barry Sternlicht, Jeffrey Lenobel and Jeff Blau

    Clockwise from top left: Stephen Ross, a rendering of the South Tower (courtesy Kohn Pederson Fox), Barry Sternlicht, Jeffrey Lenobel and Jeff Blau

    For better or for worse, every big-name New York City developer is defined by their most recent marquee project. Bruce Ratner’s Forest City Ratner propelled Brooklyn into a new phase with Atlantic Yards; Gary Barnett’s Extell Development is redesigning the white glove with One57, and Harry Macklowe is trying to erase the past with 432 Park Avenue. For Stephen Ross’ the Related Companies, the narrative of the past few years has been dominated by Hudson Yards. [more]

    3 Comments
  • fairway-hudson-yards

    From left: Hudson Yards rendering and Fairway Market

    Fairway Market is taking a prime spot in the first office skyscraper going up at Hudson Yards, the grocery chain and the project’s developers, Related Companies and Oxford Properties, announced today.

    The fast-growing supermarket will take 45,875 square feet on the ground floor of the 1.7 million-square-foot South Tower when it opens in 2015, according to a joint statement. [more]

    Comments
  • A rendering of the retail at 500 West 30th Street

    A rendering of the retail at 500 West 30th Street

    The retail component of the Related Companies’ rental tower at 500 West 30th Street, designed by Robert A.M. Stern, has hit the market, The Real Deal has learned. [more]

    Comments
  • Steve Roth and a rendering of Hudson Yards (Rendering credit  Kohn Pederson Fox)

    A rendering of Hudson Yards ( via Kohn Pederson Fox) and Steve Roth

    Vornado Realty Trust CEO Steven Roth heartily embraced the Hudson Yards megaproject as being good for business, saying that rather than being the 800-pound gorilla in the Manhattan office market, it had been a boon for the real estate investment trust’s leasing efforts in the Penn Plaza area. [more]

    Comments
  • Manhattan West project rendering

    Mayor Michael Bloomberg defended his decision to fast-track rezoning in Midtown East at the groundbreaking ceremony for Brookfield Office Properties’ Manhattan West megaproject yesterday, the New York Observer reported. The mayor dismissed concerns that the rezoning would see a flight of corporate tenants to Midtown East at the expense of the new towers at Manhattan West. [more]

    Comments
  • From left: The groundbreaking ceremony and a rendering of the Hudson Yards

    The multibillion-dollar Hudson Yards development has been making a major push to woo prospective corporate tenants, the New York Times reported. Hudson Yards — which will span from 30th to 42nd streets, between Eighth Avenue to the Hudson River — is expected to create roughly 25 million square feet of office space, 3,200 hotel rooms and 20,000 residential units, a quarter of which have already begun construction. The project’s major players — including Related Companies, Brookfield Office Properties, Extell Development Company, the Moinian Group and Alloy Development — have started to put money into marketing. … [more]

    1 Comment
  • Hudson Yards breaks ground on first tower

    December 04, 2012 03:30PM

    From left: the groundbreaking ceremony today and a rendering of the Hudson Yards

    The Related Companies and Oxford Property Group today broke ground at their Far West Side development known as the Hudson Yards. The public-private project is set to rise on 26 acres, the largest swath of as-of-yet undeveloped property in Manhattan.

    Six years since planning began, the first dirt was moved to make way for the Hudson Yards’ South Tower, the 47-story future home of the luxury retailer Coach. That building, at the northeast corner of Tenth Avenue and 30th Street, will include 740,000 square feet that Coach will own as a commercial condominium, as previously reported. [more]

    1 Comment
  • A rendering of Hudson Yards

    After years of planning and negotiation, Related Companies is finally breaking ground on the inaugural tower of its massive Hudson Yards development, the New York Daily News reported. The new structure is known as the Coach tower for the luxury bag-maker, which has agreed to lease nearly 80 percent of the 1.2 million square feet of office space the new tower will create when completed in 2015. The Real Deal will have additional coverage of the event later today. [more]

    Comments
  • A rendering of the Coach Tower

    Related Companies is likely to start work on its first Hudson Yards office tower in advance of signing a finalized lease with the Metropolitan Transportation Authority, the New York Post reported. The MTA board is expected to vote tomorrow to let the developer begin $50 million worth of excavation and foundation work at the site, although the lease has not closed.

    Under an agreement from 2010, Related was not permitted to start developing the 26-acre site until the 99-year lease closed. But, as previously reported, MTA Chairman Joseph Lhota said last month that Stephen Ross’ Related was trying to amend the deal, which would require approval from the transit authority’s board. [more]

    1 Comment
  • From left: Justin Elghanayan of Rockrose Development, which is considering a hotel at one of its West Side sites, Ryan Nelson of Sherwood Equities, which is planning a 700,000-square-foot hotel at 360 10th Avenue, and architect David Childs

    From the November issue: Much attention has been paid to the new office towers planned for the Hudson Yards redevelopment on Manhattan’s Far West Side. But the area, which is still largely industrial, may also soon be dotted with new hotels, too.

    In the blocks closest to the actual rail yards — namely, along 10th and 11th avenues in the West 30s — hotels are being planned or considered at more than a half-dozen sites, though the dealmaking is taking place under the radar, according to brokers, developers and city officials. [more]

    Comments
  • Hudson Yards rendering

    The race to the top continues. The New York Observer reported that the second office building at Hudson Yards will be either the second or third tallest building in the city.

    Designed by KPF, the building does not yet have an anchor tenant or a date for when ground will break. It will rise 1,300 sky-scraping feet, falling just behind One World Trade Center and 432 Park Avenue. It will rise taller than the Empire State Building. [more]

    Comments
  • From left: Stephen Ross and a rendering of Hudson Yards

    Related Companies has reached a preliminary agreement to get roughly $400 million in construction financing for a Hudson Yards office tower, Crain’s reported. The lenders include Bank of America and JP Morgan Chase.

    The loan is considered the last hurdle in developing the 1.7 million-square-foot tower, which will kick off the Hudson Yards project with luxury goods retailer Coach as an anchor tenant. The building does not have an address yet, but it will be located at 30th Street and 10th Avenue. [more]

    Comments
  • Related founder Stephen Ross, Hudson Yards and MTA Chairman Joseph Lhota

    As Related’s Hudson Yards project closes in on a second major office lease for its planned first tower, MTA chairman Joseph Lhota told the New York Post that the developer is attempting to amend its unsigned 99-year-lease.

    Although officials at Related deny asking for any changes, Lhota said: “Yes, Related has approached the MTA to amend the existing deal. I am willing to entertain it so long as the MTA’s interests are fully protected. Any amendment would require approval by the MTA board.” [more]

    Comments
  • 619 West 54th Street (credit: Property Shark)

    The Far West Side  above 50th Street has been somewhat overlooked by investors, but Taconic Investment Partners is betting on its success with the $110 million acquisition of an office building at 619 West 54th Street, the New York Observer reported.  The 326,000-square-foot deal between Taconic and seller KBS Realty Advisors closed yesterday. It was handled by  a sales team at Jones Lang LaSalle, led by Richard Baxter, JLL vice chairman.

    “Go all the way up the West Side,” Paul Pariser, Taconic’s co-CEO with Charles Bendit. “Tribeca is fabulous, Hudson Square is great, the Meatpacking District and Chelsea are booming, then there is the High Line and Hudson Yards and north of that there has been tons of residential development.” [more]

    Comments
  • The West 37th Street sites and Joseph Chetrit

    The Chetrit Group has closed on its purchase of a Hudson Yards development site, despite an ongoing legal battle at the property between the site’s former owner and its lender, Fortress Credit.

    Chetrit, the company behind the ongoing renovation of the Hotel Chelsea, paid $26.5 million for the four adjacent lots at 541­–545 West 37th Street and 540-544 West 38th Street, according to public records filed today with the city. The site, which is zoned for dense commercial and limited residential uses, was marketed by Massey Knakal Realty Services. It has 172,813 square feet of “as-of-right” development potential, and up to 373,275 square feet of development potential through additional incentives. [more]

    Comments
  • alternate<br /></a>text
    Stephen Ross
    Related Companies Chairman Stephen Ross thanked god that he decided to move to New York, a city whose prospects he was very high on, in an appearance on Bloomberg Television’s “Market Makers.” The developer also discussed his firm’s Hudson Yards development at length (see video after the jump)…. [more]

    1 Comment
MENU