By: Don Driggers
One might think that the city is suffering seeing many shuttered storefronts and closed business street after street during the pandemic, but one place that is seeing a real estate boom is the newly built Hudson Yards.
According to The New York Post’s Steve Cuozzo, “For all its glamorous shops, restaurants and performing arts programs, Hudson Yards is first and foremost an office complex, with four huge towers comprising 8.6 million square feet”
Several brokers helped NY Post to estimate that all the expensive office space is about 95% leased or sold.
Privately held Related, led by chairman Stephen M. Ross, is shy about sharing data, according to the NY Post.
The newest tower, 50 Hudson Yards, which will open by the end of 2022 will have over 285,000 square feet. Without even being open yet, it is over 85% rented., the Post reported.
According to The New York Post report, “the complex’s largest tenants and commercial condo owners include Meta, Warner Bros., BlackRock, Discovery, Tapestry, Wells Fargo, L’Oreal and Point 72. Most employees are at their desks, too. Although Related doesn’t say so for the record, sources tell us that physical office occupancy at the site is up to about 60% compared with the Manhattan average between 40% and 43%”.
The Wikipedia page for Hudson Yards Development states, “Hudson Yards is a 28-acre (11 ha) real estate development in the Hudson Yards area of Manhattan, New York City, between the Chelsea and Hell’s Kitchen neighborhoods. Upon completion, 13 of the 16 planned structures on the West Side of Midtown South would sit on a platform built over the West Side Yard, a storage yard for Long Island Railroad trains.
The first of its two phases, opened in 2019, comprises a public green space and eight structures that contain residences, a hotel, office buildings, a mall, and a cultural facility. The second phase, on which construction had not started as of 2022, will include residential space, an office building, and a school.”
Meanwhile Bloomberg reported:
Ross’s Related Cos. is seeking a buyer for the Equinox Hotel at Hudson Yards in New York, according to people with knowledge of the matter.
The company is working with an adviser to solicit interest in the property, which includes the hotel, office and retail space and could fetch more than $200 million, said the people, who requested anonymity because the talks are private. Equinox will continue to manage the property with plans to expand the brand, one of the people said.
