Neighborhood Spotlight: Hudson Yards
Few construction projects have the power to transform New York’s skyline; the Hudson Yards development is one of the elite. Although it may seem like slow-going at the moment, this neighborhood is actually undergoing dramatic alteration quite rapidly.
Hudson Yards is easily recognizable on Manhattan’s far west side, around 30th Street and 11th Avenue, along the Hudson River. It’s a new neighborhood – or it will be once development is complete. And it will be an incredible area to live, play, work, and shop in a few years.
A City-Supported Renovation Aimed at All New Yorkers
Around the rail lines, several buildings have broken ground and a new subway station has opened (for the 7 train). And this is just the beginning of the largest private development New York City has seen since the Rockefeller Center. It’s a massive undertaking, one that could only work as a joint venture of the Metropolitan Transportation Authority and the New York City Department of City Planning.
Although Hudson Yards is a multi-purpose neighborhood, there is a focus on housing. There will be affordable housing units in the mix (as per the promises of Mayor de Blassio), but the spotlight is clearly on the luxury and high-end condos.
Approximately 5,000 new homes form part of this development, matched by office towers, shops, a public school and a luxury hotel. Of course, that’s almost nothing compared to the 14-acres of open space, linking the Hudson River Park, the Highline and the new Hudson Park and Boulevard to one another.
Current Conditions at Hudson Yards
Ground broke officially at the end of 2012, and the first tower is moving towards completion. As an office tower, it is expected that nearby residences will see an influx of new tenants and buyers until Hudson Towers opens its own residences.
Before the end of 2018, the platform covering the tracks and serving as the foundation for the retail complex and six acres of public space should be complete.
Recently, the 7 train extension has opened service to Hudson Yards, ensuring that the area is ready for new life, even if construction will take several more years. This alone guarantees the stock in neighboring areas will rise to meet the demand – increasing in both price and offerings.
Greater pedestrian movement in and around Hudson Yards over the next few years will prompt the early opening of many of the restaurants and bars attracted to the proposed space. Indeed, Neiman Marcus has already stamped its approval on the area. The observation deck, promising better views than the Empire State Building will also attract retail outlets to secure spaces in advance.
With a neighborhood focus on amenities, comfortable spaces, and convenient transportation, early predictions suggest 24 million people will visit Hudson Yards annually.
Prices on new developments in this area will be pretty steep. Accordingly, real estate investors would be wise to focus on the surrounding areas instead — where you can still pick up the ‘heat’ from Hudson Yards without paying exorbitant prices.