NEW YORK CITY— At Hudson Yards last night, as Liza Minnelli sang, "It's up to you, New York, New York!" the crowd enthusiastically responded with cheers. Charli XCX also performed. Hudson Yards, the largest private development in the history of the US and the largest development in the city since Rockefeller Center, opens to the public on Friday, March 15 at noon. On Thursday night, GlobeSt.com attended a preview where investors, developers, brokers and others in the real estate industry toured Manhattan's newest neighborhood.
Related Companies, led by chairman Stephen M. Ross, is the main developer, with Oxford Properties holding a major equity investment in the development. Mitsui Fudosan also owns about 92% of 55 Hudson Yards and 90% of 50 Hudson Yards.
The $25 billion development extends from Tenth to Twelfth avenues, and W. 30th to W. 35th streets, covering 28 acres, 14 of which are dedicated to public open space. The Eastern portion is what's opening on March 15. The Western portion which runs from Eleventh to Twelfth avenues has yet to be built. A current map indicates it will comprise seven residential buildings, a commercial building, a school, playground and park space.
The Shops & Restaurants at Hudson Yards, a seven-story mall anchored by the 188,000-square-foot Neiman Marcus, served as the main location of the party which lasted from 5:00 to 9:30 pm. The shopping center has 720,000 square feet of leasable retail space with more than 100 stores and restaurants. Visitors dined on passed hors d'oeuvres and at food stations throughout the evening. Drinks such as grapefruit martinis, wine and Prosecco continuously flowed. Overland Entertainment served as event producers.
Guests also toured 35 Hudson Yards, designed by David Childs of Skidmore, Owings & Merrill. The 92-story skyscraper contains 143 residential condominiums and the Equinox Hotel & Spa. The building houses the health club's flagship gym and corporate offices, plus a SoulCycle. The asking prices range from slightly over $5 million for a two bedroom and up to over $27 million for a four bedroom unit.
The 88-story, 285-unit condominium tower at 15 Hudson Yards was designed by Diller Scofidio + Renfro with Rockwell Group. It was also opened for touring by appointment. This building extends to the performing and visual arts cultural center called the Shed, which was constructed with $500 million from the City.
The copper-clad architectural public landmark Vessel designed by Thomas Heatherwick stands amidst the public square and gardens. With stairs to climb, it resembles a shiny, brown beehive or pinecone. The historic moment of the development can be sensed when visitors are reminded that the Statue of Liberty once too was copper colored. With time, Vessel will also transform to the color green. On March 12, The Real Deal reported that The Shops & Restaurants at Hudson Yards is 90% leased. That must make owners of some malls like Brookfield Place, where Saks Fifth Avenue in January closed its women's store, wonder about how Manhattan's newest mall will affect its competition.
View the slideshow above to check out Hudson Yards. Photos were taken by Betsy Kim unless otherwise noted.
GlobeSt.com will also attend Hudson Yard's public opening on March 15 for additional coverage.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
