Development is abuzz in the Hudson Yards region

New York /
Apr.April 04, 2012 06:00 PM

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]


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
The Observation Deck at Hudson Yards (Credit: Adam Pogoff)
Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere
Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere
Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images and Wikipedia)
Facebook close to finalizing Hudson Yards office deal: report
Facebook close to finalizing Hudson Yards office deal: report
Goldman Sachs CEO David Solomon and National Affordable Housing Trust CEO Lori Little (Getty, National Affordable Housing Trust, iStock)
Goldman Sachs closed fund to support Black affordable developers
Goldman Sachs closed fund to support Black affordable developers
After 17 years, Ossining stops project on technicality: lawsuit
After 17 years, Ossining stops project on technicality: lawsuit
After 17 years, Ossining stops project on technicality: lawsuit
Uptown ATX (Brandywine Realty Trust)
$24M metro station for $3B Texas development breaks ground
$24M metro station for $3B Texas development breaks ground
Grammy winner Pharrell Williams and David Grutman of Groot Hospitality (Getty Images, Groot Hospitality, TripAdvisor)
Pharrell, David Grutman teaming up on 400-key Bahamas resort
Pharrell, David Grutman teaming up on 400-key Bahamas resort
(iStock/Illustration by Steven Dilakian for The Real Deal)
Hochul plan for resi towers is tall order
Hochul plan for resi towers is tall order
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...