New NYC Neighborhood Sprouts
The Hudson Yards, a $20 billion residential and commercial project that will forever change the Manhattan skyline is the biggest real estate development in U.S. history.
Oxford Properties Group and Related Companies are in the midst of the development consisting of 16 skyscrapers covering the 28-acre West Side Rail Yards property. The site, has been divided into two phases. The first phase consists of the Eastern Yard (between 30th and 34th streets and 10th and 11th avenues), which will tentatively be fully complete by 2018. It will feature a 1-million square foot retail area, four commercial towers, and six acres of open public space.
While still in the early planning stages, the second phase Western Yard (between 11th avenue and the West Side Highway) looks to include seven residential towers. Luxury chain Neiman Marcus has signed on to open their first New York City store and be the retail centerpiece of Hudson Yards. When the news broke many other top retailers and restaurants were contacting Related to get in on the action.
The flagship store will occupy the top three levels of the 30th street building and be a whopping 250,000 square feet. When this mega development is completed, there will be about 20 million square feet of office, retail, and apartments. It will be the new hub of NYC as it connects 17 of the city’s 21 subway lines. With Time Warner, Coach, and L’Oreal the first of what I’m sure are many large corporations to call Hudson Yards headquarters, the place that was once known as the rail yards will be the place everyone wants to be.