Transportation is Key to Hudson Yards Success, Vornado Chief Says

NEW YORK CITY-”Location, location, location,” is often quoted as real estate market players’ mantra, but for the proposed Hudson Yards development to succeed “transportation, transportation, transportation” will be the new buzz phrase, at least according to David R. Greenbaum, president of Vornado Realty Trust. He also said that the city should move away from instituting incentive programs that make the playing field uneven for the private sector.

“This is one of the most complex issues facing the city today,” Greenbaum said as part of a presentation titled: “Midtown-West: Manhattan’s Future,” at The Steven L. Newman Real Estate Institute, Baruch College, City University of New York. “Allow the private sector to operate without incentive programs.”

Vishaan Chakrabarti, AIA, director of the Manhattan office of the New York Department of City Planning, outlined the city’s 40-year plan for the Hudson Yards area that extends from West 28th St. on the south, Eighth Ave. on the east, West 42nd St. on the north, and the Hudson River on the west. A preliminary study designated six distinct areas within those borders, allowing for commercial use, open space and a potential expansion of the Jacob Javits Convention Center. A proposal is also in place for a multi-use facility that will include a retractable-roof sports and convention center that could hold as many as 111 events each year and complement a refurbished Javits Center. That property would also serve as the home stadium for the New York Jets.