Hudson Yards is directly adjacent to Midtown Manhattan and the Jacob K. Javits Convention Center. The area is bordered to the east by two of New York City’s most important transit hubs, Penn Station and the Port Authority Bus Terminal.

The area is served by an extensive transportation network:

• 13 Subway Lines: 1, 2, 3, A, C, E, with a pathway to the B, D, F, N, Q, R, W
• 32 Bus Lines
• PATH Train to New Jersey
• Long Island Rail Road and Amtrak service
• Commuter Ferry Service to New Jersey at 39^th Street Ferry Terminal
• Heliport nearby
• Proximity to the region's highways and tunnels, including the Lincoln Tunnel and the West Side Highway

Transportation will be further enhanced with the extension of the No. 7 subway to 34^th Street and 11^th Avenue.

Hudson Yards has 13.8 million square feet of office space, 657,000 SF of which is Class A.  More than 1,500 existing tenants ranging from Coach and JP Morgan Chase to the Associated Press and DHL Worldwide occupy space in the area.

• Average Asking Rents
  Asking rents for office space average approximately $48.25 per square foot and $64.03 per square foot of Class A space.
• Vacancy Rates
  The area has low vacancy rates: two percent overall and below two percent for Class A, according to CoStar.

The following companies recently committed to the Hudson Yards area:

• Royal Group

Lease for 33,000 SF at 460 West 34th Street
• Saks & Company

Lease for 5,000 SF at 424 West 33rd Street
• Segal

Lease for 155,500 SF at 333 West 34th Street
• Trading Metrix

Lease for 5,000 SF at 424 West 33rd Street
• World Product Centre

Letter of Intent signed for 1million SF at 34th and 11th Streets

To support growth in the Hudson Yards area, the public sector has committed to invest nearly $14 billion for key initiatives in the area.

Transit Improvements

• No. 7 Subway Extension: This $2.1 billion project will extend the 7 subway line west along 42^nd Street where it will then curve to the south along 11^th Avenue, dramatically improving the transportation to the area. The project will incorporate two new subway stations - one at 41^st Street and 10^th Avenue and a southern station at 34^th Street and 11^th Avenue. Bonds for the project were issued in December 2006 and construction commenced in December 2007, with the stations opening in 2013. 
• Access to the Region’s Core (ARC): A $7 billion project to double the commuter capacity between New York City and New Jersey. Two new tracks will be constructed under the Hudson River to a new platform under 34^th Street. More than $2.5 billion in funding has already been secured for this regional transportation initiative.

Public Open Space

• Streetscaping/Mid-Block Boulevard: 20-acres of new open space will be created throughout the Hudson Yards CBD, including a tree lined mid-block park and boulevard between 10^th and 11^th Avenues. 
• High Line Park: The transformation of an abandoned, elevated rail viaduct into a 1.6 mile public park that connects the area to West Chelsea and the Meatpacking District. Phase 1, south of 20^th Street, is currently under construction and is expected to be complete in late 2008. 
• Hudson River Park: A five-mile park along the Hudson River from Chelsea to West 29th Street that will provide running trails, bike paths, kayak launches and other recreational amenities. Construction on the Hudson Yards section of the park is scheduled to commence in 2008 with completion expected in 2010.

Public Facilities

• Jacob Javits Center Expansion:  The Convention Center Development Corporation is currently studying options for renovating the Javits Convention Center. Existing options include a $1.6 billion renovation and expansion of up to 100,000 SF.
• Moynihan Station/Farley Post Office: This project will transform the existing Farley Post Office into a multi-billion dollar mixed-use center that includes a 400,000 SF world-class intermodal transit facility, 750,000 SF of office space and 100,000 SF of retail space. In March, Empire State Development Corporation purchased the post office building from the United States Postal Service for $230 million. The project is currently seeking public approval.

Following the 2005 rezoning, the public and private sectors have been actively working together to transform the area into a 24/7, vibrant, mixed-use community.  The rezoning allows for substantial development opportunities including:

• 24 million SF of Class A office space
• 13,500 housing units
• Two million SF of hotel space
• One million SF of retail
• More than 20 acres of public open space

There are also many large sites throughout the CBD that are fully assembled by owners and developers seeking anchor tenants.  Learn more about each of the sites on the numbered map below. 

• Site #1:
  Owned by Brookfield Financial Properties and located between 31^st and 33^rd Streets between 9^th and 10^th Avenues, this site provides an opportunity to create up to 4.6 million SF of mixed-use development.
• Site #2:
  The Eastern Rail Yard (ERY) is a 13-acre site located between 30^th and 33^rd Streets to the north and south, and between 10^th and 11^th Avenues to the east and west. The ERY is zoned for 6.6 million SF of mixed-use development. Current proposals include office, residential, retail, and cultural facilities, as well as 7-acres of public open space. The City and the  Metropolitan Transit Authority (MTA) are currently evaluating bids to develop the site from five major development firms and will seek to designate a developer by early 2008.
• Site #3:
  The Western Rail Yard (WRY) is a 13-acre site located between 30^th and 33^rd Streets, to the north and south, and between 11^th and 12^th Avenues, to the east and west, respectively. While the site requires a rezoning to unlock its potential, the City and the MTA have agreed on a format to allow more than 10 million SF of development.  In March 2008, Tishman Speyer was designated as the project developer.
• Site #4:
  Owned by Extell Development and located between 33^rd and 34^th Streets, and between 10^th and 11^th Avenues, this site can accommodate up to 1.5 million SF of development. In August 2007, the World Product Centre signed a letter of intent for 1million SF for construction of a medical mart.  Construction is expected to commence in 2009.
• Site #5:
  Owned by Sherwood Equities and located between 34^th and 35^th Streets, and between 10^th and 11^th Avenues, this site adds an additional 2.5 million square feet of space to the area. 
• Site #6:
  Owned by The Moinian Group and located between 34^th and 35^th Streets and 10^th and 11^th Avenues, this site provides an opportunity to develop 1.7 million square feet.  
• Site #7:
  Owned by Mercedes Benz and located between 40^th and 41^st Street and 10^th and 11^th Avenues, this site provides an opportunity to develop 1.6 million SF.

To further stimulate office development in the area, the City has approved a Payment in Lieu of Taxes (PILOT) program for developers. Three development zones have been determined as follows: 

• Zone 1: East of the centerline of 8^th Avenue 
• Zone 2: Between the centerline of 8^th Avenue and the centerline of 10^th Avenue 
• Zone 3: West of the centerline of 10^th Avenue

In Zone 2 and Zone 3, larger tax abatements will be available to earlier projects. Qualifying projects are eligible for exemption from property, sales and use, and mortgage recording taxes with developers making PILOT payments equal to or lesser than actual taxes.

Explore New York City Industrial Development Agency (NYCIDA) financing programs for additional information.