The unexamined life, as we all know, is not worth living. What, then, of the unquantified life? An existence that does not feed into a data set, whose lessons can only be gleaned via subjective analysis?
Well, in any case, that won’t be a concern for those planning to relocate to Hudson Yards. New York University has announced that it is teaming up with Related Companies and Oxford Properties Group to “measure and analyze key physical and environmental attributes at Hudson Yards,” a move that they say will help the nascent neighborhood to run as efficiently as possible when it comes to residential, retail, office and public space. And it will be boon to Related, which will be better able to manage its properties with expert feedback, and also, of course, to NYU, which will get a nice data set to work with.
Earlier this year, a machine known as The Launcher got to work on the foundation upon which Brookfield Office Properties’ 7.2-million-square-foot mixed-use Manhattan West project will rise.
So far, the metallic-yellow workhorse has methodically placed three of 16 concrete bridge spans atop a set of uncovered Amtrak tracks that lead to Penn Station, the rest of which are expected to be in place by year’s end.
As The Launcher continues to work ahead of schedule at the task, the “neighborhood of the future” is becoming more and more of a reality, as marketing efforts to land an anchor tenant for the development’s first commercial tower intensify.
Time Inc. is reportedly considering a move downtown to 225 Liberty Street in Brookfield Place. Sources told the New York Times that Time is in negotiations to move its flagship publication, Time, and 20 other titles to the Brookfield Office Properties building, but has yet to sign a lease.
Related Companies has released a new visual for the construction timeline at Hudson Yards (at left) as well as a new video (below) as construction begins on the platform that will cover the rail yards.
Hudson Yards is the largest private real estate development in the history of the United States and the largest development in New York City since Rockefeller Center, according to new press materials from Related, which is overseeing the building of the 26-acre site bounded between 10th and 12th Avenues and running from 30th to 33rd Streets.
Ladies and gentlemen, meet “The Launcher,” a giant yellow machine that is currently hard at work constructing a prefabricated platform upon which Brookfield Development’s Manhattan West project will rise.
The pictures contained herein, sent exclusively to Commercial Observer, show the custom-designed mechanical marvel that so far has completed one of 16 precast concrete bridge panels Read More
Time Warner Inc. was rumored to be eyeing space at Hudson Yards as early as last spring, but only this month did the company confirm it would anchor Related Companies’ 30 Hudson Yards, an 80-story tower on the Far West Side. Concurrently, Related agreed to a deal to buy back the Time Warner Center in Columbus Circle for $1.3 billion and will market space there for the first time since the building came online a decade ago. The complex deals, which include a significant financial commitment to Hudson Yards by Time Warner, are vital for the ambitious development and another victory for Related Chairman Stephen Ross, who has long championed the viability of his plans for the once-barren pocket of Manhattan.
A venture of the Related Companies, the Abu Dhabi Investment Authority and Singapore’s GIC has purchased the office space of Time Warner Inc. at the Time Warner Center for $1.3 billion, the seller announced today.
Time Warner will relocate its corporate headquarters and New York City employees from Columbus Circle to Related’s Hudson Yards. The company has made an “initial financial commitment” to the development, according to a press release. Time Warner has agreed to lease back office space in the Time Warner Center until 2019, when the development at Hudson Yards is expected to be complete.
The real estate industry sat wide-eyed in anticipation of the ruling by the Council on Tall Buildings and Urban Habitat in November that officially named 1 World Trade Center the tallest building in the Western Hemisphere, beating out Chicago’s Willis Tower.
But in the not too distant future the gleaming new tower could have competition in its own backyard – Hudson Yards, that is – as Massey Knakal is exclusively marketing the sale of a development site that it believes could spawn what the firm has dubbed “The Hudson Spire,” an 1,800-foot-tall super-skyscraper.
As the city and real estate market continued its post-recession surge over the past year, a number of significant milestones played out under the watchful eyes—and in some cases careful direction—of the Real Estate Board of New York that will shape the future of the city for decades to come.
Year in Real Estate
Bill Rudin sits at the helm of one of the largest privately owned real estate companies in the city. Like much of the Real Estate Board of New York community, in addition to his firm’s undertakings, he often puts at the top of his agenda initiatives that might not always show immediate results but which are essential for the future success of the city. Mr. Rudin, a REBNY vice chairperson, spoke to The Commercial Observer about his current projects, REBNY, major real estate happenings over the last year and what needs to be done to keep New York City competitive. Read More
Related's Hudson Yards
An astounding 54.3 million tourists are expected to have visited New York City by the end of this year, many of them for the first time. And while, of course, for many of these visitors, a runway at LaGuardia or the back of a cab driver’s head will be their first impressions of the city, the more memorable vision will be the one that has been enchanting tourists ever since 1870, when construction workers topped out the 130-foot tall Equitable Life Assurance Building, long considered the Big Apple’s first skyscraper. Read More
Related Companies‘ Stephen Ross has reportedly selected British artist and designer Thomas Heatherwick to create the artistic center piece for the new public space at Hudson Yards.
Mr. Heatherwick, know for the Olympic cauldron at the 2012 London Games, will team with landscape architect Thomas Woltz to design the four-acre space with a large-scale artwork – Read More
First proposed in 1999 with the establishment of the nonprofit organization Friends of the High Line, the preservation and reuse of the New York Central Railroad’s West Side Line has been criticized by some as sanitizing the once gritty Meatpacking District.
First opened in 2009, the High Line stretches as far north as 30th Street and will eventually terminate at the Hudson Yards site. Though the High Line can boast a significant role in popularizing the neighborhood both with tourists and New Yorkers, it is neither the first nor only attraction to boost real estate values in the area.
Below, The Commercial Observer looks at some of the real estate landmarks and popular attractions in the vicinity.
The New York Industrial Development Agency last week approved a $328 million tax exemption for the Related Companies’ construction of the 80-story North Tower and connecting retail center at the Hudson Yards development site.
The exemption, outlined in the 2006 Hudson Yards Uniform Tax Exemption Policy, will see Related benefit from a 40 percent abatement on property taxes at the development site for four years. The taxes will then begin to phase back in through the 19th year of the abatement, according to Jonathan Gouveia, senior vice president of strategic investments at the New York City Economic Development Corp.
The annual forecast from the New York Building Congress estimates that 2013 construction spending will eclipse the peaks of 2007.
New York City Construction Outlook 2013-2015, completed with support from the New York Building Foundation and assistance from Urbanomics, estimates total construction spending will reach $31.5 billion this year, greater than the previous high of Read More