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|
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.