Sunday, September 29, 2013
Largest property project in America
Fortune's Sept 2013 cover story about the largest property project in America ever - Hudson Yards, to be developed by Related. This $20 billion development, set for completion between 2015 and 2018, will include 18 million square feet of offices, hotels, apartments and shopping malls.
There will be 17 buildings on 26 acres located between West 30th and 33rd Streets and 10th and 12th Avenues.
Given the current new residential condo prices of about $3000 per sqft, I expect prices at the Hudson Yards to be upwards of that since this mega mixed-use development will be a ready-made neighborhood by itself. The larger version of the current Time Warner Center in Columbus Circle.
The North Tower building will have the highest outdoor deck in NYC while the Culture Shed will host a range of art, design and performance activities starting in 2018. The 7 train will be extended from Times Square to Hudson Yards and expected to open in 2014.
Wei Min Tan is a Manhattan, New York property broker focused on luxury condominium apartments and foreign buyers.