Michael Samuelian, vice president of Related Companies, met with roughly a dozen members of the press yesterday to discuss the progress of mega mixed-use development Hudson Yards and to host a guided tour of the Eastern Rail Yard at the West Side development site.
Related’s tour focused on 10 Hudson Yards, the only building that’s above foundation level on the Eastern Rail Yard. Work on the Eastern Rail Yard commenced in March. The building at 10 Hudson Yards will be a 52-story, 1.7-million-square-foot commercial and retail building. So far the building is at 11 stories high.
The future home of Coach, L’Oreal, SAP AG and Fairway Market, 10 Hudson Yards is set to be complete in 2015, with additional office buildings numbered 30, 50 and 55 to be finished in late-2018, 2019 and 2017, respectively. Time Warner is the lead occupant, with office space totaling more than 1 million square feet at 30 Hudson Yards, as Commercial Observer previously reported.
“We want this to feel like the rest of New York,” said Mr. Samuelian, regarding what the company calls the largest private residential development in United States history. He touted the range of live and work amenities plus the easy access to the rest of New York City through the No. 7 subway extension to 34th Street and 11th Avenue, which is currently underway.
It will be like an “underground airport,” Mr. Samuelian said referring to the $2.4 billion, city-funded subway project which will be a boon to the area, which already has nearly 5 million people visiting the High Line annually, according to last year’s visitor count.
Related and Oxford Properties Group are developing the 28-acre project which will encompass more than offices, 5,000 residences and a public school, plus other retail and entertainment tenants. A restaurant pavilion will be included on the border on the 11th Avenue side.
Regarding the restaurant Mr. Samuelian said: “This is a very important urban design move.”
“We’re very bullish on the West Side,” Mr. Samuelian said. “We’re looking forward to the West Side booming.”