Posted May 31, 2016, 2:16 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
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http://www.forbes.com/sites/chloesor.../#293697016208
Hudson Yards, America's Largest Private Real Estate Development, Opens First Building
May 31, 2016
Quote:
The 10 Hudson Yards building is 96% leased. Over the course of this year, six other tenants will move in, including L’Oreal USA, Boston Consulting Group , German software firm SAP, consultancy VaynerMedia, Alphabet’s (formerly Google) urban-technology subsidiary Sidewalk Labs and media-tech firm Intersection (which is partly owned by Sidewalk Labs).
“This has been a tremendous undertaking that has required an unprecedented amount of collaboration and coordination. To have 10 million square feet of mixed-use development under construction at the same time is not an easy feat. But we knew it had to be done this way. It’s what was best for Hudson Yards and for New York City,” Ross recently told Forbes.
The neighborhood won’t just be filled with office buildings, although there will be three fully commercial properties (10, 30, and 55 Hudson Yards). Three other mixed-use buildings will have several floors of office space as well. 30 Hudson Yards already has commitments for the entire building ahead of its 2019 open date from private equity firm KKR, Wells Fargo Securities, TimeWarner, HBO and CNN. 55 Hudson Yards, slated to open in 2018, is currently 25% leased, with commitments from the likes of law firms Boies, Schiller & Flexner and Milbank, Tweed, Hadley & McCloy.
Ross said one of his biggest surprises has been that the office space at Hudson Yards is almost fully booked with years to go before completion. For a real estate development, that can mean the difference between struggling to continue financing construction or keeping the lights on. In comparison, the World Trade Center developments haven’t proved as popular. 4 World Trade, which opened in 2013, is 56% leased, while 3 World Trade, which is scheduled to open in 2018, is 28% committed.
“Downtown is the cheaper alternative. We’re the replacement for Midtown. If you’re a Midtown tenant, you can come over to Hudson Yards, pay Midtown rents but get state-of-the-art buildings in a more dynamic neighborhood,” says Jay Cross, president of Related Hudson Yards.
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from the Public Square of Hudson Yards? The street dips below the two sides, making it perfect for an overpass.
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