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Search for New Apts Near Hudson Yards Sees Big Spike in Activity

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The much-heralded grand opening of Related Cos.’ $25 billion Hudson Yards last week gave those shopping for new homes a shot in the arm, resulting in a spike in activity.

Searches for residential real skyrocketed – up a dizzying 257% over the previous week — between March 12 and March 15, reports StreetEasy.

One-day searches on March 15, the official opening day for Hudson Yards, saw more than six times the number of web site searches (630%) than the previous Friday, StreetEasy said.

“And it comes with a hefty price tag,” the web site announced. “As of last week’s opening, the average price of the 15 active sales in the building is $7.69 million—nearly five times the median price of all homes listed in Manhattan, which comes to $1.63 million. The median price per square foot at 15 Hudson is $3,323—about $1,700 more than the median asking price per square foot for luxury homes in Manhattan,” according to StreetEasy’s figures.

The reason for all the excitement, Hudson Yards Public Square and Gardens, includes a new five-acre public space; its centerpiece, an interactive landmark temporarily known as Vessel; and The Shops & Restaurants, a one-million-square-foot retail center featuring a collection of more than 100 diverse shops and culinary experiences, according to Related Cos.

“Tenants have begun moving into 55 Hudson Yards and 30 Hudson Yards, two large-scale commercial towers, and residential occupancy is underway at 15 Hudson Yards. 10 Hudson Yards opened in May of 2016. The opening of Hudson Yards, built atop the MTA’s John D. Caemmerer West Side Storage Yard, brings together for the first time the West Side and the neighboring districts of Chelsea and Hell’s Kitchen,” the release continues.

Said Senator Charles E. Schumer of Brooklyn, “There are three main reasons why I have long supported developing the vast underused space on Manhattan’s far West Side — and connecting it to all else via the extension of the 7 train: jobs, jobs, jobs. Jobs for New Yorkers in every borough, and at every rung of the economic ladder. New York is a bold, future-focused city. And the work done here by Steve Ross, Related, the City, the building trades unions, the MTA and others will contribute to the economic energy, optimism and vitality that will keep New York growing and creating — and at the forefront of global cities — for a long time to come.”

Added Governor Andrew Cuomo, “The development of Hudson Yards has transformed the West Side of Manhattan, creating jobs and economic opportunity for New Yorkers. With the building of a new Pennsylvania Station-Moynihan Farley complex, we are going to connect this emerging neighborhood to a world-class 21st century transportation hub. Today marks our continued commitment toward building an even more sustainable City and region, and we are proud to be creating a stronger future for our state.‎”

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