PlanNYC: Hudson Yards Rezoning & Development

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Hudson Yards Rezoning & Development

On January 19, 2005, the City Council voted to adopt the ULURP applications for the Hudson Yards proposal with several modifications to the zoning map change (040499(A) ZMM) and the zoning text amendment (040500(A) ZRM). The Hudson Yards is a comprehensive proposal to realize the development potential of Manhattan's Far West Side. The Hudson Yards area extends from West 28th Street on the south, Seventh and Eighth Avenues on the east, West 43rd Street on the north, and the Hudson River on the west. Hudson Yards is ideally located to allow for the expansion of the Midtown Central Business District and to help secure New York City's economic future. The project includes a series of actions to transform Hudson Yards into a dynamic, transit-oriented urban center, permitting medium- to high-density mixed-use developments. In September 2006, the 13-acre railyard on the west side of 11th Avenue, between West 30th and West 33rd Streets, was rezoned for high-rise development and is awaiting a buyer. The initial plan called for rights to be sold to one or two developers, who would build platforms over the yards for residential and commercial towers. But most developers now say that government should finance the platform construction, which could cost $1 billion.

The Industrial Development Agency (IDA) has proposed amendments (see PDF) to its Uniform Tax Exemption Policy (see PDF) that would offer generous tax breaks to Far West Side commercial developers and enable the city to use payments-in-lieu-of-taxes (PILOTs) to help finance the extension of the No. 7 subway line and other improvements to the Hudson Yards area.

A half-dozen developers plan to start residential projects there by August, with a combined total of nearly 6,000 apartments, 20 percent of which will be for low- and moderate-income families. There are also five slim-budget hotels either under construction or in development on the block bounded by 39th and 40th Streets, between Eighth and Ninth Avenues.

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City Announces Plans for Hudson Yards Boulevard and Park

Monday, March 24, 2008 | New York Post | Topic: General

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

Wednesday, March 12, 2008 | Crain's New York Business | Topic: Politics & Government

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

Friday, February 22, 2008 | GlobeSt.com | Topic: Economic Development

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

Thursday, January 31, 2008 | Other | Topic: General

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

Friday, November 09, 2007 | The Real Deal | Topic: Economic Development

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

Monday, November 05, 2007 | New York Daily News | Topic: Land Use

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

Thursday, September 13, 2007 | The Real Deal | Topic: Land Use

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

Thursday, June 07, 2007 | Other | Topic: Finance

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

Friday, June 01, 2007 | StreetsBlog | Topic: Environment

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

Friday, May 25, 2007 | New York Sun | Topic: Economic Development

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

Wednesday, May 02, 2007 | New York Times | Topic: Finance

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

Sunday, March 18, 2007 | Crain's New York Business | Topic: Economic Development

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

Friday, February 16, 2007 | Downtown Express | Topic: Land Use

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

Sunday, February 04, 2007 | New York Times | Topic: Economic Development

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.

Large Developments Underway at Hudson Yards

Sunday, January 14, 2007 | Crain's New York Business | Topic: Economic Development

Sparked by the rezoning of Hudson Yards in 2005, the area currently has 5 million square feet of new housing under construction. Several new hotel projects and potential office buildings are also in the planning stages. Along with the rezoning, redevelopment is also being encouraged by the extension of the No.7 subway line and potential construction of new Moynihan Station. Prospective office space developers have some concerns about how competition with new construction at Ground Zero could reduce the number of available tenants.

Developer of Hell’s Kitchen Tower Sued, New Theatres in Question

Friday, January 05, 2007 | New York Times | Topic: Economic Development

The 42nd Street Development Corporation has filed a lawsuit against developer, Related Companies, for its handling of a vacant 1.5-acre site on 42nd Street, between Dyer and 10th Avenues. Fred Papert, president of the Corporation, contends that Related has left behind an eye sore at the site where the developer had intended to build a 60-story tower and a theater for Cirque du Soleil. The City’s planning department prohibited Related from taking advantage of a zoning provision known as a “theater bonus” because the provision was intended to foster struggling theater companies, not a powerhouse like Cirque du Soleil. Local citizen and business groups say the site is unsanitary and hurts prosperity.

End of 2006 Brought Approval For Major Projects

Monday, January 01, 2007 | New York Times | Topic: Economic Development

Final approvals were granted to six major New York City economic development projetcs in the last month of 2006. Approval or financing was given to a Second Avenue subway; an extension of the Flushing Line to the Far West Side; a spur to connect the Long Island Rail Road to Grand Central Terminal; financing for tens of thousands of apartments for low- and moderate-income residents; and the Atlantic Yards complex near Downtown Brooklyn, among others.

Accomodating The City's Projected Growth

Sunday, November 26, 2006 | New York Times | Topic: Land Use

The Bloomberg administration plans to unveil its plan for accommodating the city’s growing population over the next 25 years and the municipal services that nine million or more New Yorkers will require. Among the City’s goals is to reclaim over 1,700 acres of polluted brownfields and transform them to developable land. Many expect the Mayor to propose more zoning changes such as those already enacted on the far West Side of Manhattan and Greenpoint/Williamsburg.

Hudson Yards Project to Advance with Bond Selling in December

Wednesday, November 22, 2006 | GlobeSt.com | Topic: Finance

New York City is set to sell $1.5 billion worth of Hudson Yards Infrastructure Corp. (HYIC) bonds on December 4 to generate revenue to extend the No. 7 subway line west and south of its current terminus at Times Square Station at Seventh Avenue and 41st Street. The City is obligated to pay interest on up to $3 billion of HYIC bonds if project revenues are insufficient. Financial experts expect, however, that strong demand in Midtown for commercial and residential development will support the bonds.

Major Building Planned For West Side

Thursday, November 02, 2006 | New York Post | Topic: Economic Development

A New York developer is planning a new office development across the street from the proposed Moynihan Station project. According to the New York Post, Brookfield properties intends to build a platform over an exposed rail yard between Ninth and Tenth avenues creating a site that could support up to 4.7 million rentable square feet.

Speaker Silver Questions West Side Development

Thursday, October 05, 2006 | New York Post | Topic: Land Use

State Assembly Speaker Sheldon Silver has expressed concern that the Bloomberg administration’s focus on developing the West Side of Manhattan may come at the expense of Lower Manhattan rebuilding efforts. Silver’s comments come one week after the city struck a deal with the Metropolitan Transit Authority concerning development rights atop the West Side railyards and payment for the extension of the 7 subway line.

Critics: Hudson Yards Deal Risky For MTA

Thursday, September 28, 2006 | New York Sun | Topic: Economic Development

One day after the announcement of a deal for the development of the Hudson Yards site, critics are charging that the Metropolitan Transit Authority is leaving itself vulnerable to cost overruns. Watchdogs claim that the city’s pledge of $2.1 billion for the extension of the 7 subway line provides the MTA inadequate cushion should the project costs surpass this estimate. The Sun reports one critic as saying that the MTA – should they agree to the deal with the City – will open themselves up to “significant dollar exposure.”

Mayor and MTA Have New Plan For Hudson Yards

Wednesday, September 27, 2006 | New York Times | Topic: Land Use

The Bloomberg administration and the Metropolitan Transportation Authority have come to an agreement on how to proceed with developing the Hudson Yards. The plan is to rezone the railyard for high-rise development and sell it to a developer through a bidding process. Rather than pay traditional property taxes, developers will make payments that will go towards the costs of extending the 7 subway line.

Bloomberg Addresses Spitzer Opposition

Saturday, August 26, 2006 | New York Daily News | Topic: Politics & Government

After Eliot Spitzer published remarks against the development of major New York projects (the Moynihan train station, James a. Farley General Post Office, and the West Side railyards) Mayor Bloomberg has responded on his weekly radio program. Bloomberg wants less interference from Spitzer and more respect for Governor Pataki’s final term in office. Spitzer maintains that he will still continue to speak out on his opinions concerning the projects.

Spitzer vs Bloomberg

Thursday, August 24, 2006 | New York Times | Topic: Politics & Government

Hold ups in the city’s biggest development projects may have little to do with actual problems and more to do with political muscle. As Eliot Spitzer aligns himself for the governor’s seat, he is already starting to show his influence in New York City by directly opposing three of Mayor Bloomberg’s major projects: the Atlantic Yards project, the Moynihan Station, and the rebuilding of lower Manhattan. The political sway has resulted in delayed approvals and sign-offs, all before Spitzer makes it into office.

Eliot Spitzer On Transportation

Wednesday, August 23, 2006 | Gotham Gazette | Topic: Politics & Government

Gubernatorial candidate Eliot Spitzer wants to make transportation his number one priority if elected to office. His top three projects are the 2nd Ave Subway, the LIRR connection at Grand Central Terminal, and the replacement of the Tappan Zee Bridge. The most likely projects to not get pushed through by Spitzer is the downtown JFK rail link and the cross harbor freight tunnel. The Hudson Rail Yards negotiations have already been commented on by Spitzer but he would like to make some changes to the deal’s proceedings.

Spitzer On West Side Railyards

Saturday, August 19, 2006 | New York Times | Topic: Politics & Government

Gubernatorial candidate, Eliot Spitzer criticized the city’s plan to buy the West Side railyards from the Metropolitan Transportation Authority for $500 million. Spitzer suggests an appraisal of the 26-acre lot followed by an auction to the highest bidder. Spitzer’s statements put him directly opposed to the Bloomberg administration who believes securing the property would be imperative for the development of the Far West Side.

Tax Breaks Approved for Hudson Yards

Tuesday, August 08, 2006 | Crain's New York Business | Topic: Politics & Government

Commercial developers on the far West Side are now eligible for $650 million worth of tax abatements. The city's Industrial Development Agency Board today approved the tax breaks, which are expected to generate $1.8 billion in new revenue.

Critics Ready To Weigh In On Tax Incentives

Thursday, August 03, 2006 | New York Sun | Topic: Politics & Government

At a hearing today, critics will question the city's plan to provide hundreds of millions of dollars in tax breaks to help develop a new office district on the far West Side of Manhattan. Some say improving the area's transportation by extending the no. 7 subway line and the recent rezoning of the neighborhood should be enough to entice developers.

IDA unveils details of Hudson Yards tax breaks

Friday, July 28, 2006 | Crain's New York Business | Topic: Economic Development

The city released details today of its proposed commercial tax breaks for developers at the 45-block Hudson Yards neighborhood. The breaks will be in the form of payments in lieu of taxes, also known as PILOTs. The city views these breaks as crucial given the rising costs of construction needed to build the project.

Private Sector Financing for the 7 Line Extension

Monday, July 24, 2006 | New York Daily News | Topic: Transportation

The economy is strong, Manhattan real estate values are at an all-time high and, as a result, the rights for property to be developed on the far West Side can more than cover the cost of a subway connection from Grand Central Station to 11th Ave. and down to 34th St.

City Goes After West Side Stadium Property Again

Friday, July 07, 2006 | New York Post | Topic: Politics & Government

The city yesterday offered to pay the Metropolitan Transportation Authority $500 million for the right to develop a West Side rail yard that was once the proposed site of a football stadium for the Jets. So far it has not been announced what the plan is for the property.

Interview With ESDC Chairman

Wednesday, May 17, 2006 | Metro New York | Topic: Politics & Government

Interview with Empire State Development Corporation Chairman Charles Gargano. He talks about several projects going on and his vision for New York City.

Impact from Olympic Bid Still Being Felt

Thursday, May 11, 2006 | New York Sun | Topic: Economic Development

New York may have lost its bid to host the 2012 Olympics nearly a year ago, but the effects of the planned developments surrounding the proposal are still being felt, especially in the outer borough areas where much of the development was proposed.

City Looking to Increase Affordable Housing Stock

Thursday, March 16, 2006 | Other | Topic: Land Use

Mayor Bloomberg has indicated his desire to help increase the stock of affordable houses. Since Bloomberg took office a number of rezonings, including the Hudson Yards, have been completed and are expected to result in an additional 30,000 units.

MSG: Tax Dollars?

Tuesday, March 14, 2006 | Other | Topic: Economic Development

If a new MSG is built, the current MSG site, which was recently rezoned to hold as much as 5 million square feet of office space, would be ripe for development.

Office Space Running Low

Wednesday, March 08, 2006 | Crain's New York Business | Topic: General

Office vacancy rates are expected to drop below 3% in 2009 if office employment growth continues at its predicted rate. Brokerage firm CB Richard Ellis claims that the office shortage makes development of the World Trade Center site and at the Hudson Yards essential.

Mayor Bloomberg Plans To Provide 20,000 Middle-class Homes

Friday, February 24, 2006 | New York Daily News | Topic: Economic Development

Mayor Bloomberg unveiled plans for a city housing program that would provide more than 20,000 apartments for middle-income New Yorkers. The first phase would include 435 units in the West Chelsea and Hudson Yards area.

Loss of Manufacturing Space Continues With New Zoning

Monday, January 09, 2006 | City Limits Weekly | Topic: Land Use

With the Hudson Yards rezoning, the Garment Industry Development Corporation (GIDC) is concerned about an increasing loss of garment manufacturing space. Roughly 91 garment factories and 1,600 workers could be affected by the change

$2.8 Billion in Bonds to Finance Hudson Yards Development Plans

Sunday, December 18, 2005 | Journal News | Topic: Politics & Government

The Hudson Yards Development Corp. met for the first time this week. Despite the failed stadium plan, big financing plans are underway for development that include a subway extension, parks, commercial space, and housing.

City Counsel Approves $1.3 Billion For West Side Development

Thursday, October 27, 2005 | Gotham Gazette | Topic: Economic Development

The City Counsel overwhelmingly approved a plan to spend $1.3 billion over the next 40 years to develop the West Side. "Payments in lieu of taxes" (PILOTS) will go fund infrastructure development such as the extension of the number 7 subway line.

New $56 million ferry terminal is first of several improvements

Tuesday, October 25, 2005 | Other | Topic: Economic Development

"After surviving a threatened shutdown last winter, ferry service across the Hudson River received a $56 million boost yesterday with the debut of a new terminal on West 39th Street in Manhattan. "

MTA plan opposed by state and city comptrollers

Tuesday, August 23, 2005 | New York Times | Topic: Land Use

City and state comptrollers oppose a plan by MTA to build a platform over the West Side railyard, which would then be sold to real estate developers.

Olympic bid may still result in development

Thursday, July 07, 2005 | New York Daily News | Topic: Economic Development

Despite the city's loss of the 2012 Olympics, other developments spurred by the Olympic proposal may go forward.

Queens Olympic site getting attention

Monday, June 20, 2005 | Crain's New York Business | Topic: Economic Development

With the Olympic stadium now proposed for the Willets Point section of Queens, developers have taken a new interest in the area.

West Side remains hot, regardless of stadium bid

Sunday, June 12, 2005 | New York Times | Topic: Economic Development

Residential development is moving forward on Manhattan's West Side, regardless of the failure to approve the Jets stadium.

MTA considers future of Hudson Yards

Wednesday, June 08, 2005 | New York Newsday | Topic: Land Use

The rejection of the West Side stadium has cast a shadow over other big projects in the area, including the extension of the 7 train and area's overall redevelopment.

Study advocates rezoning manufacturing areas for housing

Wednesday, June 01, 2005 | Manhattan Institute | Topic: Housing

A new study from the Manhattan Institute argues that New York City has a glut of manufacturing space, and that these areas should be rezoned for housing and mixed use development.

The return of urban renewal: Dan Doctoroff's grand plans for New York City

Tuesday, May 31, 2005 | Harvard Design Magazine | Topic: General

Susan Fainstein argues that we have entered the post-Robert Moses era of urban renewal in New York City. Daniel Doctoroff and Michael Bloomberg, the masterminds of the new era, invoke economic development rather than slum clearance, but "as in the first stage of urban renewal, [their projects] represent the imprint of a master builder rather than community-based planning."

Albany is next stop for Jets' bid

Friday, April 01, 2005 | New York Sun | Topic: Politics & Government

With the New York Jets' plan to build a 75,000-seat domed stadium approved by the Metropolitan Transportation Authority, the quest to develop the West Side rail yards moves north to Albany, where it faces an uncertain future at the Public Authorities Control Board. The PACB, as it is known, is controlled by Governor Pataki, who has been a champion of the Jets' plan, and by Assembly Speaker Sheldon Silver and Senate Majority Leader Joseph Bruno, who have not. Unanimity of the three voting members will be needed for the plan to pass.

Neighborhood rubble or renaissance?

Friday, April 01, 2005 | New York Newsday | Topic: General

Imagine New York City wins the 2012 Olympics and the New York Sports and Convention Center is built. What will the Hudson Yards neighborhood be like in September of 2012 when the Olympic visitors have all gone home?

Jets win stadium battle by 2 touchdowns (the vote is 14-0)

Friday, April 01, 2005 | New York Times | Topic: Politics & Government

The board of the Metropolitan Transportation Authority voted unanimously yesterday to sell control of its West Side railyards to the Jets for about $210 million, after several members said the long-term gains from having a football stadium and convention center on the site outweighed a rival bid from Cablevision that offered nearly twice as much money up front.

MTA. approves Jets' $720 million plan for stadium

Thursday, March 31, 2005 | New York Times | Topic: Politics & Government

The Metropolitan Transportation Authority's board today unanimously chose the Jets' $720 million bid for the rights to build a stadium over the authority's railyards on the West Side, but in a stunning show of opposition, three non-voting members spoke out against it and said they would vote to oppose it if they could. The three non-voting members are James S. Blair for the MetroNorth Commuter Council, Ed Watt of the Transport Workers and Andrew Albert of the New York City Transit Riders Council.

MTA approves Jets' rail yard bid

Thursday, March 31, 2005 | New York Newsday | Topic: Finance

The Metropolitan Transportation Authority board voted unanimously in favor of the New York Jets' $720 million offer for rights to develop the site over the Hudson Yards.

Jets plan for West Side Manhattan site gathers backing

Thursday, March 31, 2005 | New York Sun | Topic: Land Use

Given the choice between building a new neighborhood and constructing several thousand apartments in an established district, real-estate experts generally would prefer the latter. Applying that reasoning to the West Side of Manhattan, those experts said the New York Jets' bid for development rights at the MTA rail yards is superior to what Madison Square Garden outlined.

How not to develop the West Side

Wednesday, March 30, 2005 | City Journal | Topic: Economic Development

Steven Malanga argues that rather than forcing megaproject development on the West Side the city should "create the conditions for the marketplace to build on those 60 blocks of garages, parking lots, and other ramshackle structures" by rezoning the area and extending the no. 7 subway line into the district.

MTA releases competing bids for rail yards

Tuesday, March 29, 2005 | New York Sun | Topic: Finance

"Last night, less than three days before a board meeting to decide the future development of the West Side rail yards, the Metropolitan Transportation Authority released the three bidders' proposals. If a rezoning called for in the New York Jets' proposal is ultimately granted, the MTA could realize $720 million from the deal - more than seven times the football team's original offer for the air rights."

The winner of the West Side bid is unlikely to be settled soon

Sunday, March 27, 2005 | Field of Schemes | Topic: Finance

Neil deMause predicts that, due to technical problems with each bid, "no matter who the MTA picks as a winner, the loser will immediately file a lawsuit to overturn the decision. Which means that no matter what the Jets say, their lawyer was right: There's no way this stadium gets underway before the 2012 Olympic host is picked in July."

West Side bids all too low

Sunday, March 27, 2005 | New York Post | Topic: Finance

Newmark & Company, a consultant hired by the MTA to evaluate bids for the West Side rail yards, is urging officials to reject both the Jets and Cablevision offers because they're at least $300 million too low.

The air above rail yards still free

Saturday, March 26, 2005 | New York Newsday | Topic: General

More than two decades ago, during the rail yards' rebuilding, the Metropolitan Transportation Authority recognized the potent value of that air as a funding source for its capital programs, said Peter Derrick, a transit historian. This article briefly outlines the history of the site from an early British settlement to the Sen. John D. Caemmerer West Side Yard.

The Hudson Yards Bids

Wednesday, March 23, 2005 | New York Post | Topic: Economic Development

Both the Jets and Cablevision, its leading rival for the site, offered dramatic proposals Monday to develop the area. The Jets would build not just a stadium/convention center, but also shops, housing, a theater, a museum and a riverfront cafÃƒÂ©. Cablevision says it wants to build 5,800 apartments, a hotel, a library, a park, a school and a "performing arts enclave." The New York Post argues that the Jets are the only serious bidders and New York shouldn't miss this development opportunity.

Jets go for the bomb

Tuesday, March 22, 2005 | New York Post | Topic: Finance

The Jets offered an astounding $720 million for the West Side rail yards yesterday in a blockbuster deal that has the football squad teaming up with six of the city's biggest real-estate developers, sources told The Post last night. By huddling with the developers, the team was able to boost its bid to more than seven times what it offered to pay the MTA just a month ago.

Cablevision, Jets submit final bids for West Side site

Monday, March 21, 2005 | New York Sun | Topic: Finance

Cablevision and the Jets submitted their final bids to the Metropolitan Transportation Authority for the hotly contested 13-acre tract at the West Side rail yards but refused to disclose how much they offered.

Jets sue Cablevision

Thursday, March 17, 2005 | New York Newsday | Topic: Politics & Government

The Jets sued the team's arch-enemy in the fight over a West Side stadium, blasting Cablevision for going to "extraordinary lengths" to maintain "monopoly power" over Manhattan venues for big indoor events.

Jets endeavoring to form a group to make bid for West Side stadium

Wednesday, March 09, 2005 | New York Sun | Topic: Finance

The Jets are putting together a group of developers who will bid on more than the 2.4 million square feet used by the stadium. The article reports developers such as Steven Roth and Stephen Ross may help make the Jets overall bid more competitive vs. the Cablevision bid of $600 million.

Blight by law: improper zoning stalls waterfront development

Monday, February 28, 2005 | New York Post | Topic: Land Use

"New Yorkers tend to think of the city as an exceptionally dense place, where every parcel of land is developed to its highest and best use, with no property left over for new houses or apartment buildings. In fact, New York is full of vacant land, including highly desirable property on the waterfront." Julia Vitullo-Martin argues that the Bloomberg administration's solution for this problem in West Midtown is the NY Sports and Convention Center, but that the real problem is improper zoning.

Jets plan to increase bid for Hudson Yards development rights

Monday, February 28, 2005 | New York Sun | Topic: Finance

The president of the New York Jets, Jay Cross, said that his organization will increase its $100 million offer for the development rights over the Hudson rail yards at the far West Side of Manhattan. The increased offer will come by the March 21st deadline.

Miller's olympic-size hurdle

Thursday, February 24, 2005 | New York Newsday | Topic: Politics & Government

City Council Speaker Gifford Miller vows to push through legislation to block Mayor Michael Bloomberg's plan to put $300 million in public funds toward the $1.4-billion stadium. The Manhattan Democratic candidate for mayor also wants to rezone 13 acres of West Side land to allow for uses other than the stadium.

Garden passes torch

Wednesday, February 23, 2005 | New York Daily News | Topic: Politics & Government

"Brash administration versus audacious corporate predator. Who could ask for anything more? You may like neither side, but remember: The enemy of my enemy is my friend. Ignore the scoreboard at the Garden and keep an eye open for blind-side picks."

Transgas bids $700M for proposed site for Jets stadium

Tuesday, February 22, 2005 | New York Times | Topic: Finance

TransGas, an energy company, has offered to pay $700 million for the west side railyard and a platform over the tracks. That's $100 million more than Cablevision's bid. But TransGas wants the MTA's help in getting approval for the company's plans to build an electric power plant on the waterfront in Williamsburg, Brooklyn, along with a contract from the authority to buy power from the company for the next 20 years.

Builders wary of pursuing site sought by Jets for a stadium

Thursday, February 17, 2005 | New York Times | Topic: Land Use

Some of the city's most active developers said that they were reluctant to make an offer on the Hudson Yards air rights without being assured they could get the zoning that would allow them to build apartment houses and office buildings. Many also said they were reluctant to challenge the Bloomberg administration, which considers the stadium a centerpiece of its bid for the 2012 Olympics and for redeveloping the Far West Side.

Mayor takes shots in stadium smackdown

Wednesday, February 16, 2005 | New York Newsday | Topic: Politics & Government

Mayor Michael Bloomberg took his biggest shot to date at Cablevision owners Charles and James Dolan, accusing the stadium foes of fouling up nearly every business they've run, including Madison Square Garden, their sports teams -- even defunct electronics retailer The Wiz.

Transit agency seeks other bids on west side site

Wednesday, February 16, 2005 | New York Times | Topic: Finance

The Bloomberg administration's longstanding plans for a West Side stadium that could be used by the Jets, the Olympics and conventions were jolted yesterday when the Metropolitan Transportation Authority announced that it would use open bidding to determine who wins the rights to the West Side railyards.

Stadium fear factor

Tuesday, February 15, 2005 | | Topic: Land Use

While most builders have remained mum on the subject, Richard Ravitch has been speaking out forcefully against the stadium, arguing that the proposed deal shortchanges both the MTA, which owns the site, and taxpayers.

Suddenly, Developers Yearn for the Gritty Far West Side

Monday, February 14, 2005 | New York Times | Topic: General

The gritty industrial west midtown neighborhood is suddenly in the sights of many real estate developers hungry for land. LINK

Foes bash stadium funding plan

Tuesday, February 08, 2005 | New York Newsday | Topic: Finance

The city intends to shift tens of millions of dollars a year in proceeds from government subsidized real estate deals, which usually end up in city coffers, to pay for the West Side stadium platform. LINK [Newsday]

Madison Square Garden sues City Council

Monday, February 07, 2005 | New York Daily News | Topic: Politics & Government

Madison Square Garden and its anti-stadium coalition have sued the City Council, demanding a judge nix the recent rezoning of Manhattan's far West Side. The lawsuit calls the Council's approval of the rezoning "arbitrary and capricious" and an "abuse of lawful procedure," arguing it was based on a flawed environmental statement. LINK [New York Daily News]

Mayor Calls Railyard Bid a 'Stunt'

Sunday, February 06, 2005 | New York Times | Topic: Finance

Mayor Michael R. Bloomberg dismissed the latest effort by Cablevision to block his administration's plan to build a stadium for the Jets over the railyards on the far West Side of Manhattan.

Owner of Garden Outbids Jets For Stadium Site

Saturday, February 05, 2005 | New York Times | Topic: Finance

The owner of Madison Square Garden, after spending many months and millions of dollars trying to prevent the Jets and the city from building a football stadium on the West Side, played its boldest card yet yesterday, offering to pay far more for the land than the Jets have proposed.

Arbitration over stadium site Is called bad move for MTA

Thursday, February 03, 2005 | New York Times | Topic: Finance

The MTA anticipates that it could sell the remaining rights to other developers within the adjacent Hudson Yards district. (LINK )

MTA giving Jets lotta green

Thursday, February 03, 2005 | New York Daily News | Topic: Land Use

Community leaders insist there's a diminished market for air rights when the city is already gearing up to do the same thing with the Hudson Yards development.

Public Cost of the Proposed Jets Stadium

Monday, January 31, 2005 | Field of Schemes | Topic: Finance

"Now that all the cards are on the table (more or less) regarding the New York Jets stadium deal, I think it's finally possible to say how much the team's public subsidy would be worth." DeMause estimates the public subsidy would be $225 million plus around $400 million due to uncollected PILOT funds.

RPA Report: "The Far West Side and the Region's Future Development Needs"

Friday, January 28, 2005 | Regional Plan Association | Topic: Economic Development

To provide a framework to discuss specific proposals for the Far West Side, the paper begins with an overview of the Manhattan Central Business District's contribution to the regional economy. It will then discuss how the goals for the Far West Side fit with the region's long-term needs for both office space and housing, and how the district might complement or compete with objectives for other parts of the region, particularly Lower Manhattan, New York City's other boroughs and the Hudson County waterfront.

RPA report: 'Urban Development Alternatives for the Hudson Rail Yards'

Friday, January 28, 2005 | Regional Plan Association | Topic: General

A new RPA report, "Urban Development Alternatives for the Hudson
Rail Yards," identifies, analyzes and illustrates several mixed-use alternatives
for the proposed stadium site on Manhattan's Far West Side. The report
makes three principal conclusions:

Ã¢â‚¬Â¢ The market will support significant residential development on the Western
Yards as soon as a platform is constructed.
Ã¢â‚¬Â¢ Mixed-use development on the site would do more to catalyze development
throughout the district than a stadium, with improved waterfront access and
connections to the neighborhood.
Ã¢â‚¬Â¢ The alternatives provide a greater return on public investment than the
stadium proposal.

West Midtown Economic Analysis

Friday, January 28, 2005 | | Topic: Economic Development

In June 2002 the City engaged a consultant team of Economics Research Associates (ERA) and Cushman & Wakefield (C&W) to prepare market forecasts, project the development potential of the area and timing of development, and to assess the potential for new development to support financing of the infrastructure necessary for the Hudson Yards. The study examined the major property categories- office, residential, hotel and retail- to determine the development potential of the Hudson Yards over a period of 20 years (2005-2025). ERA provided expertise in large-scale development finance and in the hotel and retail sectors, while C&W added unsurpassed knowledge of the New York office and residential markets. C&W's Analytics group provided economic growth forecasts based on data from Economy.com, the U.S Census, NYC Office of Management and Budget, and NYC Dept. of City Planning. The findings of ERA and C&W were closely integrated into the Hudson Yards Urban Design Master plan prepared concurrently by City Planning and the Cooper Robertson consultant team.

The City's secret land deal is a whopper

Tuesday, January 25, 2005 | New York Daily News | Topic: Land Use

When the City Council approved the massive Hudson Yards development project, it gave the Bloomberg administration permission to condemn and acquire several parcels of land on Manhattan's far West Side. (LINK)

West Side Plans Lack a Unifying Vision

Tuesday, January 18, 2005 | New York Times | Topic: Urban Design & Architecture

It is hard to imagine an area more ripe with potential than the Hudson Yards, a 40-block site at the edge of Midtown Manhattan...LINK [New York Times]

West Side gold rush is on

Tuesday, January 11, 2005 | New York Daily News | Topic: Economic Development

New York's gold is hidden as much in the air as in the ground. So I gaze up over the two-story McDonald's building and imagine for a moment a huge office tower that soars 70 stories. The mayor and his economic development czar, Daniel Doctoroff, are planning such a tower for precisely this corner. LINK [New York Daily News]

Inclusionary Zoning's Big Moment

Saturday, January 01, 2005 | City Limits Weekly | Topic: Housing

This City Limits article explains an affordable housing policy that has been requested by residents of Greenpoint/Williamsburg and Hell's Kitchen as part of the rezoning plans in those neighborhoods: inclusionary zoning. This policy requires that a portion of the new construction would be affordable to the neighborhood's longtime residents, reducing displacement.

Hudson Yards Official Site

Monday, November 15, 2004 | NYC Department of City Planning | Topic: General

The Hudson Yards project is a comprehensive proposal that includes a series of actions to transform Hudson Yards into a dynamic, transit-oriented urban center, permitting medium- to high-density development and a mix of uses, including commercial, residential, open space, cultural and entertainment. (New York Dept of City Planning

Planning for the far west side

Wednesday, September 01, 2004 | Other | Topic: General

The New York Metro chapter of the American Planning Association calls for more public involvement, recommends that the action be subject to the uniform land use review process, and questions the economic and urban design viability of the New York Sports and Convention Center. LINK

Citizens Union Statement of Position on the Hudson Yards Development Proposal

Wednesday, August 11, 2004 | Citizens Union | Topic: General

Too much information about the project and its financing are still not yet known for there to be the kind of informed discussion and sound public decisions that need to be made. For the reasons previously outlined, Citizens Union cannot now support the proposed redevelopment of Manhattan's far West Side.

A service of the Furman Center for Real Estate and Urban Policy at New York University

A capstone project of the Robert F. Wagner Graduate School of Public Service

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