The members of the brokerage division of the Real Estate Board of New York (REBNY) recently got together for the seminar on the future of Manhattan’s real estate market especially that of the Far West Side near Hudson River. The discussion was steered towards the features and benefits of the area which had attracted investors, home owners, developers and tenants, shoppers and tourists.
Ann Weisbrod, President of Hudson Yards Development Corp. gave the opening speech and presented the development plan of the Hudson Yards. The report that was presented informed the attendants that nearly 85 percent of the work at the Hudson Park & Boulevard was completed. The area under consideration is at the intersection of Chelsea and Midtown Manhattan NYC. The development plan at this place included construction of 13,500 new housing units, 24 million square feet of office space, 2 million square feet of hotel space and one million square feet of retail space in the area. The plan is to develop a completely new city in the west.
The Hudson Yards project has been considered a legacy project considering its prime location in Manhattan NYC. As per the other presenters, the project has the ability to bring in surrounding neighborhoods which would make the area the fastest growing neighborhood in New York.
Another aspect that was seen in positive light for the Hudson Yard project was its ability to provide nearly 20,000 jobs of various cadres. The numbers would include the creation of the expansive retail space and other tenants that would find the area attractive enough to establish their offices.