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Old Posted Jan 3, 2011, 9:48 PM
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http://therealdeal.com/newyork/artic...orthy-projects
Will Related stay on track with Hudson Yards?

January 01, 2011
By C. J. Hughes


Quote:
Community outrage derailed plans for a Jets Stadium at Hudson Yards; later, the recession slowed other sweeping mixed-use development schemes. But there are small signs of progress at the yards, a 26-acre railroad site controlled by the Related Companies and Canada's Oxford Properties.

At the end of the year, Related began demolishing a 6,000-square-foot industrial structure to make way for a 1.4 million-square-foot office and apartment tower, the Wall Street Journal reported. Related may be under the gun: It must start paying rent to site owner Metropolitan Transit Authority once the city office market hits an 11 percent vacancy rate, the Journal noted.

At the same time, work has begun on "Hudson Boulevard," a new midblock street that will run from West 42nd to the site, which abuts West 33rd Street. That's according to Bob Benfatto, district manager of Community Board 4, which is reviewing proposals for playgrounds, park benches and gardens that will line the new thoroughfare.

But Related's would-be office tenants might be caught in a tug-of-war. Developer Joseph Moinian has said his plans for a new 1.6 million-square-foot office tower nearby on 11th Avenue are finally moving forward.
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