Hudson Yards 0694

The $25 billion Hudson Yards completed its grand opening on March 15.
The entire 28-acre development will be completed in 2024.
The site will transform the surrounding community, bringing an influx of around 125,000 daily office workers, tourists, and residents.
The emphasis on luxury amenities and high-end retailers threatens to alienate long-time establishments, which may soon be priced out of the neighborhood.

Stepping onto the Hudson Yards site, it’s impossible not to gravitate toward Vessel, a 150-foot-high, honeycomb-shaped art installation in the center of the complex. With its reflective copper cladding and $200 million price tag, the structure is emblematic of the development itself: expensive, partially enclosed, and intentionally breathtaking.

While the complex is a stunning design feat, the fact that it’s being built is even more impressive.

At $25 billion, Hudson Yards is the most expensive real estate development in US history. The new neighborhood features a collection of shops, restaurants, offices, and private residences orbiting an open public square and gardens.

Read more: New York’s $25 billion megadevelopment can withstand a superstorm or terrorist attack — even if the entire city shuts down

The project will also include a public school and a cultural center known as The Shed, featuring a retractable outer shell for both indoor and outdoor events. The entire complex sits on a platform above the Long Island Rail Road tracks, with trains buzzing in the background.

Though arguably the most ambitious development ever built in New York City, its sheer magnitude — coupled with its luxury amenities and high-end retailers — threatens to alienate not just the surrounding community, but the rest of the city as well.

Landing on a vision

For decades, developers have attempted to transform the site into a landmark Manhattan structure. In the 1950s, real estate mogul William Zeckendorf proposed the construction of a “palace of progress” that would have been the tallest building erected during the Cold War.

The development ultimately fell into the hands of two real estate companies — Related Companies and Oxford Properties Group — in 2010. Together, they began working on New York’s largest urban development since Rockefeller Center.

Only recently have these companies begun to witness the fruits of their labor, as workers construct the first phase along the western waterfront. At a planned 28 acres, the project is huge even for New York City. Its mall alone is one million square …read more

Source:: Business Insider

      

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Hudson Yards is the most expensive real estate development in US history. Here’s what its $25 billion future could look like.

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