„ The team is readying to begin a new 45-story, 1.1-million-square-foot office property called 70 Hudson Yards next year.**
If we go by the floor dimensions of the other standard Hudson Yards office towers (10 & 30), this tower would be ~760 feet tall.
No way 70HY and Commodore tower will be constructed on spec at the same time. That’s just too much risk for the CRE market these days, even with relatively low interest rates.
Surefire predictions can be risky. Sometimes buildings that begin construction during a downturn in the market are completed two or three years later when the market perks up. They can end up doing very well in the market. A firm with deep pockets and a bit higher risk tolerance than others ends up deepening their pockets a bit more.
1 Like
11 Likes
12 Likes
New Renderings
Credit: NYguy on SSP https://skyscraperpage.com/forum/showpost.php?p=10330789&postcount=48
70 Hudson Yards??
15 Likes
„ Related is in talks with potential tenants for a 47-story tower it plans to build at 70 Hudson Yards, where asking rents are as high as $200 a square foot, Visser said.
Just north of Related’s project, the Spiral — a 66-story skyscraper that opened last year — is nearly full with tenants including HSBC Bank USA. The bank, which has a hybrid work policy for most employees, has about an 80% office-utilization rate at the Spiral, up from roughly 40% at its previous building, a spokesperson said.
“More than double the number of people are coming to work, because they love where they work,” said Rob Speyer, CEO at Tishman Speyer, the Spiral’s developer. And the bank has already expanded its lease at the tower, after moving in just earlier this year.“
Over NYguy on SSP
7 Likes