Hudson Yards district’s newest office tower to cost $2.6B

Boston Properties and Moinian Group put development price tag on 3 Hudson Boulevard

TRD NEW YORK /
Mar.March 09, 2020 04:55 PM
The Moinian Group's Joseph Moinian, 3 Hudson Boulevard and Boston Properties' Owen Thomas (Credit: The Moinian Group, FX Collaboratiive and Boston Properties)

The Moinian Group’s Joseph Moinian, 3 Hudson Boulevard and Boston Properties’ Owen Thomas (Credit: The Moinian Group, FX Collaboratiive and Boston Properties)

The next skyscraper to rise in the Hudson Yards neighborhood will cost nearly $2.6 billion to develop when all’s said and done.

Three Hudson Boulevard, which will stand 56 stories when completed, will have an all-in development cost of $2.58 billion, developers Boston Properties and the Moinian Group disclosed in a public filing.

The partners revealed the price tag in an application they filed with the New York City Industrial Development Agency to make payments in lieu of property taxes for the planned 1.8 million-square-foot tower at 400 11th Avenue.

A spokesperson for Boston Properties and Moinian declined to comment.

The developers in January released a new design for the tower, the last of four major projects on West 34th Street in the Hudson Yards neighborhood to get off the ground.

Nearby, Tishman Speyer is several floors out of the ground on The Spiral, where tenants including Pfizer and Debevoise & Plimpton have signed big leases. The Related Companies has finished and opened 55 Hudson Yards, and is at work constructing 50 Hudson Yards, which is anchored by BlackRock.

Facebook also recently took about 1.2 million square feet at 50 Hudson Yards, and is reportedly in talks to lease more space at Vornado Realty Trust’s redevelopment of the Farley Post Office nearby.

Amazon and Apple have both also recently leased space in the neighborhood.

Moinian, which has owned the 11th Avenue site since 2005, formed a joint venture with Boston Properties to develop the building in 2018.

Contact Rich Bockmann at [email protected] or 212-673-5081.


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