PlanNYC: Hudson Yards Rezoning & Development News

Collapse of Hudson Yards Deal Would Leave City in Debt

2008-05-09 00:00:00

The bond rating agency Standard & Poor�s has estimated that the City of New York will be responsible for up to $7 million in debt if the Hudson Railyards deal does not go through. Two years ago the city issued $2 billion in bonds to pay for the Number 7 subway extension; those bonds were backed by payments that were anticipated to be received from the railyards project. If negotiations between developer Tishman Speyer and the MTA fail, the City will have to find another source of funds, such as a tax hike, to cover the debt service.

City Announces Plans for Hudson Yards Boulevard and Park

2008-03-24 00:00:00

The City is taking major steps to incorporate new open space in the Hudson Yards development by announcing plans for a tree-lined boulevard and park in the neighborhood. The City today began a search for design firms to take on the project. The boulevard will run north-south between 10th and 11th Avenues, eventually extending from 33rd Street to 39th Street. The project will be funded by sales from the City�s bonds, which will also pay for the No. 7 subway extension.

Governor�s Resignation Could Impact Major Projects

2008-03-12 00:00:00

Governor Spitzer�s resignation is expected to impact the outcome of two major projects, Hudson Yards and Moynihan Station. The MTA anticipated designating a developer for the Hudson Yards site by the end of March. However, with a new governor entering office, some believe that it could take longer for a decision to be made. Additionally, the fate of Moynihan Station may also be in jeopardy as it is already facing budget constraints despite having Spitzer�s support. It is uncertain if David Patterson will be committed to supporting this project. Patterson�s decision to replace heads of certain state agencies could also affect the outcome of these projects.

Site in Hudson Yards Rezoning District on the Market

2008-02-22 00:00:00

A mixed-use development site in the Hudson Yards rezoning district is for sale. The 14,810 square foot site, which consists of four tax lots, is located on 411-421 W. 35th Street and is currently being leased to a parking lot operator; that lease expires soon. Sources say that the site which includes about 89,500 square feet of development rights could go for about $30 million.

Developer Plans to Demolish Hudson Yards Church to Construct Hotel

2008-01-31 00:00:00

Glad Tidings Tabernacle Inc. sold the three-story church located at 325 W. 33rd Street to an unidentified developer for $31.4 million. The developer plans to demolish the church and construct a 250-room hotel in its place. The developer also acquired 20,000 square feet of air rights as part of the purchase.

Eminent Domain Forcing out Residents at Hudson Yards

2007-11-09 00:00:00

As the city prepares to develop Hudson Yards into a new economic and business hub for the city, current residents and business owners may be forced to relocate. The city seized 11 buildings through eminent domain in August, though the Hudson Yards Development Corporation is providing relocation services to those forced to leave. When completed, the area promises to have some of the highest property values in the city.

Concerns about New Parking In Hudson Yards Rezoning

2007-11-05 00:00:00

Some residents are hoping to block Mayor Bloomberg�s plan for rezoning Hudson Yards because they are concerned with the proposed on-street parking. These residents are suing to block the rezoning efforts and are trying to show that the redevelopment, which will promote new automobile traffic, is contrary to the Mayor�s congestion pricing plan. Some estimate that 20,000 new parking spaces could be placed in the Hudson Yards redevelopment area.

Land Grabs Abundant in Development of Hudson Yards

2007-09-13 00:00:00

Although growth in the Hudson Yards area is still nascent, major development companies have amassed portions of properties in anticipation of development. Of these development firms, Extell has five projects planned. There are still some factors that may play a role in what properties get developed and for what purposes, including expansion of the 7th Avenue Subway and the development of the northern end of the Highline.

Hudson Yards Financing Troubles New York City Bar Association

2007-06-07 00:00:00

The New York City Bar Association has drawn some potentially disturbing parallels between the financing for Hudson Yards and the financing for Battery Park City in the 1970s, during New York City�s earlier financial crisis. The association was concerned that the issuance of revenue bonds, rather than general obligation debt, kept the project from being reviewed with the same level of scrutiny as normal. However, while the report was nervous about the form of financing, it appeared to be more concerned about the precedent that had been set than about the viability of the Hudson Yards development itself.

City and State to Call for More Parking on the West Side

2007-06-01 00:00:00

Streetsblog is reporting that both Mayor Bloomberg and Governor Spitzer are interested in increasing the mandated amount of parking spaces for new developments in the area of Hudson Yards on the far West Side of Manhattan. The proposal calls for an additional 20,000 parking spaces, a figure retained during the planning stages of the failed Jets Stadium bid on the West Side. The call for more parking has angered some, including the Hell's Kitchen Neighborhood Association, who is filing suit against the city and the state for the proposal's alleged non-compliance with the Clean Air Act. Some believe that the call for parking seems to contradict the environmental sustainability goals of Mayor Bloomberg's 2030 strategic plan.

Extell Moves Into Hudson Yards

2007-05-25 00:00:00

Extell Development, with the purchase of a 7,300-square-foot parcel of land between West 30th and 31st Streets west of 10th Avenue, has got its foot in the door in the development of the Hudson rail yards. Extell plans to build a 600,000-square-foot mixed-use tower on the site, which they bought for $17.1 million.

Speculation Fuels Real Estate Growth

2007-05-02 00:00:00

Analysts point to the massive amount of commercial space speculation occurring in New York as a sign that the city's real estate boom is real. Speculation is the process in which a developer agrees to construct a building without having the assurance of tenants committed to leasing. A number of commercial projects throughout the city illustrate the speculative trend in the city's market. Evidence of the resurgence of commercial projects based upon this speculative practice includes the 7 World Trade Center building and the new home for the New York Times. Some believe that the city's decision to rezone Hudson Yards to accommodate commercial space will gather speculative interest from developers.

Catalyst for Growth: A Failed Olympic Bid

2007-03-18 00:00:00

New York's loss to London in its attempt to host the 2012 Olympics has steered the city onto a path of economic development and rebuilding, according to Crain's New York Business. The article details how many current development projects in New York, particularly those situated on prime waterfront property and suited for transportation sites and housing, are fruits of the failed bid. Deputy Mayor Daniel Doctoroff, who worked with Yale urban planner Alex Garvin, engineered a plan to redevelop underutilized land in the city for the Olympics. The plan, according to Doctoroff, is now informing the city's sustainable growth plan for the year 2025.

Opponents of Garbage Site Seek Alternatives

2007-02-16 00:00:00

The city's plan to build a 150-foot garage with sanitation trucks and equipment from three sanitation districts at the corner of Spring and West Streets on the West Side has created an opposition group who is now seeking ways to locate the garage elsewhere. The coalition is revisiting plans for the city's 2005 Hudson Yards Redevelopment Project between W. 29th and W. 43rd Sts. that would have permitted a sanitation garage and tow pound bounded by W. 29th and W. 30th Sts. between 11th and 12th Avenues. The proposed site is privately owned, however, and the city has decided not to buy the land. The city is likely considering the Spring and West Streets location because of cost, as it will share the facility with United Parcel Service (UPS).

Construction to Begin Soon on Hudson Yards Residential Towers

2007-02-04 00:00:00

Construction of the first residential apartment buildings is expected to begin soon in Hudson Yards, with many more to follow. Sparked by the rezoning of the area two years ago, there are now plans for 6,000 new apartments in the area, 20% of which are expected to be affordable to low and moderate-income families. Commercial and office buildings are likely to follow later, supported by completion of the No. 7 line extension. The MTA is working to sell development rights to the West Side railroads, on the south end of Hudson Yards, and the Javitz Convention Center may also be expanded.