Railyards Push Presents Promise for Local Owners

(Read more on the multifamily market.)

NEW YORK CITY-Officials put out the call for a development plan for the Hudson railyards on the West Side, seeking new ideas from developers for the once proposed Jets stadium as GlobeSt.com reported Friday. The MTA is seeking proposals that include a combination of commercial, residential and open space for the 26-acre site. This advancement not only creates an opportunity for the winning developer or developers of the site, but allows companies who already own parcels of land in the surrounding area a chance to get in on the action.

One such company, Sherwood Equities Inc., has, over the years, been assembling two key development sites on the West Side near the railyards site. The first parcel is located at 34th Street and 10th Avenue on a 65,000-sf footprint, where plans exist to build either a 2.5-million-sf office building or a 2,500-room hotel or condo/hotel is in the works. The second site, located on 10th Avenue between 35th and 36th streets is planned as a 35-story, 200-unit residential building. Plans have been produced for the developments, however the commencement of the projects have been dependable on favorable market conditions, including the development of the Hudson Yards site.