Real Estate and Politics
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.
A day after the New York City Building Congress forecasted the largest three-year growth in office space since 1990, the president of the organization, Richard Anderson, called on Mayor Bill de Blasio to do more to foster office construction in the city.
The influential organization of real estate developers, construction firms, union officials and academics predicted Monday that new developments would create 9 million square feet of new space between 2013 and 2015 and a total of 24.4 million square feet between 2010 and 2019. But Mr. Anderson cautioned that emerging trends might threaten new construction and said he wants the mayor to devote more energy to office space.
The 360 View
As deals continue to be signed by high-end retailers at the World Trade Center and Brookfield Place, the focus of New York retail leasing is firmly on lower Manhattan. But on the Far West Side, a 750,000-square-foot retail component is set to debut as part of the ambitious Hudson Yards development.
So far, only Fairway Market has officially committed to space at Hudson Yards. But with talk of a major department store being in negotiations, the acceleration of leasing is surely right around the corner.
Retail pros are aflutter as they schedule their appointments for the International Council of Shopping Centers’ RECon Las Vegas. Two companies in particular are preparing for a big debut on the first day of the three-day May trade show: Related Companies and Floored.
Floored, a company providing software for the 3-D visualization of real estate, is planning to showcase the 3-D modeling of Related’s 26-acre Hudson Yards at its booth at the convention, David Eisenberg, the chief executive of Floored, told Commercial Observer. The technology will give potential tenants a sense of what it will look and feel like to be at the Far West Side commercial and residential development upon its completion in 2018. (Representatives from Related were not available for comment at press time.)
Tishman Speyer has acquired adjacent, undeveloped parcels of land in the Hudson Yards district on Manhattan’s far West Side, the developer announced today.
The full-block site, located on 10th Avenue between 34th and 35th Streets, and the ability to purchase additional development rights will allow the firm to develop a 2.85 million-square-foot tower.
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.
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