Does anyone have an idea to when Phase Two of Hudson Yards will be completed? Phase 2 is located on the West Yard directly in front of the first phase. This phase is said to have a school, smaller-sized residential buildings (some affordable), look below
Related no longer offers an estimated completion date.
While it’s doubtful the finalized Phase 2 will look this cool with varied designs, at least it’s possible we’ll see one or two more 500’+ buildings in the area over the next 5-10 years even if this is stalled
Yeah I doubt we’ll anything until 50 Hudson Yards is done which would complete phase I . I know that they’ll still waiting for a final EIS/ROD & Section 4 (f) evaluation for the platform which would be done sometime this fall the last time I heard. Once they get an approval then just maybe they’ll start depending on the economy and what Related wants to do.
It will take much longer for properties to be absorbed post-pandemic, and people will want to see more legitimate space rather than cramming tactics. I personally think giving the area an extra economic cycle or two to really recover and settle in will be the best strategy. Time heals all wounds, so let the new building stock get some years on it before pressing on phase 2. Like Nick Fury said in the first Avengers movie; Phase 2 isn’t ready yet.
Phase 2 is where related planned to recoup their upfront costs so I’d expect to see this built out relatively quickly. If I remember correctly they already named a few of their architects for phase 2 (Stern, Gehry, and Calatrava)
Pic by Eric M. | Flickr
The second to last shot…WOW. Coruscant is real
The Hudson Yards Infrastructure Corp, created by the city to finance the redevelopment, has transferred about $663 million in surplus property tax and other revenue to the city since 2017, 80% of which was in the last three years, according to an offering document for a bond sale this week.
The distribution is more than the $360 million the city spent to subsidize the interest payments on $2.7 billion of debt sold by the infrastructure corporation to finance the extension of the No. 7 subway line and a boulevard-lined park. It’s also more than enough to cover $230 million in cost overruns and future planned spending for the new neighborhood.
The city estimates existing and future development in Hudson Yards will generate $27.1 billion from the current fiscal year through 2047, six times more than debt service for the corporation’s bonds.
Asking office rents in Hudson Yards average $118.54 per square foot, the highest in New York City, according to Cushman & Wakefield), a commercial real estate services firm that prepared a development and revenue report for this week’s bond sale. Taxable assessed values of four completed towers in Hudson Yards fell less than 1% this year, compared with almost 12% for commercial real estate overall. Occupancy rates in the completed office buildings range from 72.2% to 100%.
The area around 9th Ave /34th street is going to be redeveloped in the nearby future? When you get out of the Hudson yards explanade it looks like a third world city with some crambling buildings. I think the redeveloped area should get bigger.
Will the empire estate complex push forward the redevelopment of the area?
What will happen with Penn?
Why isn’t it torn down?
I think that diner makes bank, it might be hard to buy them out
Why does it say “space available” if it makes bank?