NEW YORK CITY—In the sea of development happening on the Far West Side, it can be tough to keep track of who's doing what. To cut through the clutter, the Mortgage Bankers Association of NY hosted a talk last week in Midtown by Michael Samuelian, VP, Related Cos., who briefed the group on Hudson Yards.
“We're not the first ones to think of developing the west side but hopefully we'll be successful ones,” he mused. As for the timeline, “the Eastern Yards are 100% under construction.” The Western Rail Yards will be built out as a second phase of the development.
The 28-acre project, which is the largest development site in the nation's history, is expected to house 55,000 workers, residents and tourists on a daily basis and it is split roughly 50/50 between residential and commercial uses.
The site will feature a hotel that is set to become the first property created by Equinox Fitness. The over 200-room asset will be the brand's flagship. Further details were not available at press time.
The complex will have 431 affordable housing units, including 105 in 15 Hudson Yards, the first residential tower at the project. Remaining residential condominiums for sale will be available “at the West Chelsea market rate and maybe a bit higher,” Samuelian said.
And the community's population suggests a high rent pool. “West Chelsea has a population of 400,000, the average income is $133,000 and residents are the highly educated creative class,” he added. “They're early adopters of technology and the area has the largest concentration of art galleries in the world, which creates the neighborhood character.”
One more demographic trend likely to put related in good stead: The area's population is expected to double by the time the project is completed,” noted Samuelian.
Also of note, with the help of New York University's Center for Urban Science and Progress, Hudson Yards will be the first, “Quantified Community,” where key physical and environmental attributes will be measured and analyzed. For example, pedestrian flows through traffic and transit points, open spaces and retail space will be tracked; along with solid waste disposal, air quality and even residents' and workers' fitness through an opt-in feature.
“Big things still can happen in New York,” he declared. “And there's a lot of pride in doing them.”
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