![]() ![]() Related and Oxford landed their first tenants for Hudson Yards in 2013 when Tapestry, L’Oreal and a software firm signed on to move their headquarters into 10 Hudson Yards, a 1.7 million-square-foot, 47-story office building. Owing in part to this advantage, Hudson Yards and surrounding development projects now regularly achieve office rents that are nearly 30% greater than the Manhattan market average, according to Craig Leibowitz, a New York Research Director at JLL. “Offices these days are a key part of HR for companies, and when you’re able to build offices tailored to the exact needs of the tenants you’re trying to attract, you’ve got a major competitive advantage,” said Riguardi, whose team represented BlackRock in its 850,000-square-foot lease at 50 Hudson Yards, which spans 15 floors. But the less-developed West Side has given landlords an opportunity to create new offices from scratch, designed to accommodate the needs of modern companies and the tastes of the younger workers they hope to attract amidst a growing labor shortage. Most office buildings in New York City, especially Midtown where they are concentrated, are more than 50 years old, on average. Replete with quartzite counters, eucalyptus cabinets and German limestone, the average price of a unit is $11 million - more than $3,000 per square foot. The 143 luxury apartments Related recently began selling in the top 39 stories of the 72-story 35 Hudson Yards building also speak to this ethos. Its Equinox Hotel says it will cater to “those who want it all.” Opening this June, the 212-room hotel will house a 60,000-square-foot gym and its rooms will come equipped with proprietary sleep systems that ensure “every night is a dream come true.” When it comes to drawing in residents and hotel guests, luxury is Hudson Yards’ key tactic. The result is so powerful that it’s shifting “the city’s center of gravity west,” Riguardi said. And 5.5 million square feet of Hudson Yards and 2.4 million square feet of the adjacent Manhattan West development has been delivered. “This project’s success is of interest way beyond New York - this is testing out live, work, play on a scale like never before, and other cities and developers throughout the world will be watching closely,” said Peter Riguardi, the President of JLL’s New York brokerage.Ī decade later, the first phase of the developers’ vision is complete. It’s a dramatic display of live, work, play, even for a city like New York. Though if one did, an extension of the 7 subway line connecting the project to Times Square and Grand Central Terminal would get you there. It would bring the broader Midtown West district 36.6 million square feet of ultra-luxury offices, residential condominiums, hotels, restaurants, schools, cultural centers, green spaces and even a vertical mall.Ī place to work, work out, shop, eat, drink and never want to - or have to - leave. ![]() ![]() That project is Hudson Yards, the largest private development in the history of North America. So it makes sense that when developers The Related Companies and Oxford Properties sought to create a city-within-a-city on a 25-acre plot above an active rail yard on Manhattan’s West Side, their vision would take what was organic to the city’s ethos to another level, creating a mecca that would impact the notion of live, work, play in metropolises around the world. The city has long had what developers across the country seek to replicate when they build mixed-use developments that provide workers and residents with everything they need at their fingertips - theaters, restaurants, bodegas, bars and gyms adjacent to transit-friendly apartments and high-paying jobs. New York City did "live, work, play" before it was cool. Gary Hershorn / Contributor / Corbis News / Getty Images ![]()
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