A Look at New York's Largest Development Ever - $20BN Hudson Yards

Hudson Yards is a real estate development under construction in the Chelsea neighborhood of Manhattan, New York City. It is the largest private real estate development in the United States by square footage, and has been compared to Roppongi Hills, a Japanese development similar in scale and use. Upon completion, 13 of the 16 planned structures will sit on a platform built over the West Side Yard, a storage yard for Long Island Rail Road trains. The first of its two phases comprises a public green space and eight structures that contain residences, a hotel, office buildings, a mall, and a cultural facility. The second focuses on residential space, along with an office building and a school.

Related Companies is the primary developer, and Oxford Properties is a major equity partner. Mitsui Fudosan owns a 92.09 percent stake in 55 Hudson Yards, and a 90 percent stake in 50 Hudson Yards. The architectural firm Kohn Pedersen Fox designed the master plan for the site, and architects including Skidmore, Owings, and Merrill, Thomas Heatherwick, Roche-Dinkeloo, and Diller Scofidio + Renfro contributed designs for individual structures. Major office tenants include or will include fashion company Tapestry, consulting firm BCG, and Alphabet subsidiary Sidewalk Labs.

The site of Hudson Yards was initially intended for other developments, most notably in the early 2000s as the site of the West Side Stadium, during the New York City bid for the 2012 Summer Olympics. The plans for Hudson Yards were developed after the failure of the West Side Stadium. Construction began in 2012 with the groundbreaking for 10 Hudson Yards, and the first phase is expected to be finished by March 15, 2019. Both phases are projected to be complete by 2024. Agreements between various entities including the local government, the Metropolitan Transportation Authority (MTA), and the state of New York made the development possible.

The special zoning for Hudson Yards (an area roughly bound by 30th Street in the south, 41st Street in the north, 11th Avenue in the west, and Eighth Avenue in the east) further incentivized the building of other large-scale projects. Hudson Yards is adjacent but unrelated to Manhattan West, 3 Hudson Boulevard, and The Spiral.

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