Hudson Yards is a 28-acre real estate development in Manhattan’s Chelsea and Hudson Yards neighborhoods, which is part of the larger New York City metropolitan area. A platform erected over the West Side Yard, a storage yard for Long Island Rail Road trains, would house 13 of the 16 planned structures on the West Side of Midtown South when the project is completed. Construction on the first phase of the project, which is scheduled to be completed in 2019, has begun. It includes a public green area as well as eight structures that include houses as well as a hotel, offices, a shopping center, and a cultural facility. A school and residential space will be included in the second phase, on which construction had not begun as of 2021. The second phase will feature an office building and residential space.
Hudson Yards is the newest and swankiest neighborhood in Manhattan, and it is located directly above Chelsea. This area was largely deserted until the construction of residential and commercial skyscrapers began to take place. The Vessel, the Shed (a performance arts center), Snark Park (an art exhibition), and a slew of stores and restaurants in a fresh new mall were all unveiled as part of the Hudson Yards project’s first phase, which debuted in 2019. This neighborhood offers stunning views of the Hudson River as well as the opportunity to live in a brand new high-rise building, but it will come at a premium price in terms of money.
Related Companies and Oxford Properties are the principal developers and major equity partners in the project. Related Companies is the primary developer and major equity partner in the project. Related, Oxford, and other significant investors have contributed to the construction of Hudson Yards through a variety of financing sources, including contributions from overseas investors through the EB-5 immigration program. Mitsui Fudosan owns a 92.09 percent stake in 55 Hudson Yards and a 90 percent stake in 50 Hudson Yards, according to publicly available information. For the site, Kohn Pedersen Fox designed the master plan; architects such as Skidmore, Owings, and Merrill, Thomas Heatherwick, Foster + Partners, Roche-Dinkeloo and Diller Scofidio + Renfro were commissioned to design individual structures, which were all completed in collaboration with the firm Diller Scofidio + Renfro. The fashion brand Tapestry, the consulting firm BCG, the new CNN New York bureau, and the urban planning organization Sidewalk Labs are among the major office tenants, or will be, in the building.
The Hudson Yards site was originally intended for other developments, most notably the West Side Stadium, which was built as part of New York City’s bid to host the 2012 Summer Olympics in the early 2000s. Following the failure of the West Side Stadium project, public officials and private investors began working on the new Hudson Yards proposal in earnest. Construction on 10 Hudson Yards began in 2012 with the groundbreaking ceremony, and the first phase of the development opened on March 15, 2019. The development was made feasible because to agreements reached between a number of parties, including the local government, the Metropolitan Transportation Authority (MTA), and the state of New York.
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