The “Final Frontier” of real estate development in Manhattan, the Hudson Yards initiative is transforming 360 acres of underutilized land on the far west side of Manhattan into a transit-oriented, 24/7 mixed-use destination. Located immediately to the west of Midtown, Hudson Yards is ideally situated to support modern office space, residences, retail, hotels, and newly created open spaces. The area offers waterfront views and convenient access to the Jacob K. Javits Convention Center, which is set to undergo a major expansion. Hudson Yards is within walking distance of two of New York City’s main transit hubs, Penn Station and the Port Authority Bus Terminal, as well as easily accessible from major highways, tunnels, and bridges.
Hudson Yards is surrounded by established residential neighborhoods including West Chelsea and Clinton. Since 2005, nearly 3,000 housing units have been constructed in buildings like the Atelier, Hudson Crossing, and the Orion. Hudson Yards’ proximity to Midtown and to tourist favorites like Times Square and the High Line has made the area popular with hotel developers, and there are many hospitality projects in the planning stages and under construction.
With more than 37 million square feet of existing commercial office space, nearly 9.4 million square feet of which is Class A, Hudson Yards’ office market serves as home to approximately 1,500 existing tenants, ranging from Coach and JP Morgan Chase to the Associated Press and DHL Worldwide. Following the 2005 rezoning of the area and the 2009 rezoning of the Western Rail Yard, the public and private sectors have been actively working together to transform the area into a 24/7, vibrant, mixed-use community.
Since the 2005 Hudson Yards rezoning, 14 new developments totaling approximately 5 million square feet have been completed and 3 new developments totaling approximately 1.4 million square feet are currently under construction. Upcoming development will bring 48,000 new residents to the area with a projected average household income of well over $100,000. There are also many large fully-assembled sites throughout the Hudson Yards area seeking anchor tenants.
|Building||Class Type||Lease Type|
|Eleven Times Square: 640 Eigth Avenue||A||Direct|
|Knickerbocker Hotel: 1466 Broadway||A||Direct|
|World Apparel Center: 1411 Broadway||A||Direct/Sublet|
|Times Square Plaza: 1500 Broadway||A||Direct|
|One Penn Plaza||A||Direct/Sublet|
|Matthew Bender Building: 11 Penn Plaza||A||Direct/Sublet|
|Crowne Plaza: 1601-1611 Broadway||A||Direct/Sublet|
|Number of Existing Buildings||237|
|Total Square Feet (RBA)||37.2 million SF|
|Available Direct Lease Space||3.1 million SF|
|Available Sublet Space||917,000 SF|
|Under Construction||1.4 million SF|
|Number of Existing Buildings||7|
|Total Square Feet (RBA)||9.4 million SF|
|Average Rental Rate||$63 / SF|
|Number of Existing Buildings||230|
|Total Square Feet (RBA)||27.9 million SF|
|Average Rental Rate||$31 / SF|
Hudson Yard’s retail market remains in its earliest stages, with significant build-out expected to occur in tandem with planned commercial and residential development. Recent additions to the neighborhood include 404, a brasserie opened by notable New York restaurateur Simon Oren and located at 404 Tenth Avenue at 33rd Street.
|1/2 MILE RADIUS||1 MILE RADIUS|
|Total Employees (Daytime Population)||N/A||886,517|
|Average Household Income||$118,650||$111,259|
|Aggregate Household Income||$508 million||$4.6 billion|
|Median Housing Value||N/A||$477,434|
|1/2 MILE RADIUS||1 MILE RADIUS|
|Total Retail SF (RBA)||3,467,612||2.7 million|
|Average Rent (per square foot/year)||N/A||$98/SF|
This $2.1 billion project will extend the 7 subway line west under 41st Street where it will then curve south underneath 11th Avenue, dramatically improving transportation to the area. The project will incorporate two new subway stations - one at 41st Street and 10th Avenue and a new terminal station at 34th Street and 11th Avenue. Bonds for the project were issued in December 2006 and construction commenced in December 2007, with the extension set to open in 2013.
The Javits K. Javits Convention Center (Javits Center) is implementing an extensive expansion and renovation project. The construction of Javits Center North added an additional 80,000 gross square feet of exhibition space. Renovations to the main building will include the replacement of the roof, curtain wall, skylights, enlargement and reconfiguration of the main entrances along with replacement and upgrades of building systems. A green roof will be installed that will be the largest in the northeast. Renovations are anticipated to be completed by fall 2013.
With the transformation of an abandoned, elevated rail viaduct into a 1.6-mile public park that runs from Gansevoort Street to 34th Street between 10th and 11th Avenues, the High Line connects the Hudson Yards area to three of Manhattan’s most dynamic neighborhoods – the Meatpacking District, West Chelsea and Hell’s Kitchen/Clinton – which are now dominated by art galleries, design studios, retailers, restaurants, museums, and residences.
This park along the Hudson River provides running trails, bike paths, kayak launches, and other recreational amenities.
This project will transform the existing Farley Post Office into a multi-billion dollar mixed-use center that includes a 400,000 square foot world-class intermodal transit facility, 750,000 square feet of office space and 100,000 square feet of retail space. In March, Empire State Development Corporation purchased the post office building from the United States Postal Service.
Over 15-acres of new parkland and public open spaces will be created throughout the Hudson Yards area, including a tree-lined mid-block park and boulevard between 10th and 11th Avenues.
The Eastern Rail Yard (ERY) is a 13-acre site is bounded by 33rd and 30th Streets to the north and south, and 10th and 11th Avenues to the east and west, respectively. The ERY is zoned for 6.6 million square feet of mixed-use development, including office, residential, retail, cultural and parking facilities, as well as 7-acres of public open space with a significant public plaza.
The Western Rail Yard (WRY) is a 13-acre site bounded by 33rd and 30th Streets, to the north and south, and 11th and 12th Avenues, to the east and west, respectively. In December 2009, the WRY was rezoned for 5.7 million square feet of mixed-use development, including office, residential, retail, cultural and parking facilities, and 5.5 acres of public open space.