A few notes about Hudson Yards as someone who lived a block away from it. It is widely inaccessible by transit. The closest train is either the 7 (which you would have to take most lines up to 42nd to get to the 7) or Penn station and walk 3 blocks over. The construction in CONSTANT the sideways are blocked off and it’s dangerous to be walking in the middle of the construction zones everywhere, also the noise never stops. It’s beautiful but also a full on nightmare and the malls biggest tenant Neiman Marcus closed not even two years after it opened up, leaving the large anchor space empty. Hudson yards was designed for an elite clientele at the peak of a pandemic and now a recession so it only makes sense that the project is bleeding money
Perfect example of why MTA should be returned to the city or major expansions of infrastructure beyond downstate should be built so upstate New Yorkers like me feel like our taxes to the mta benefit us and so more revenue overall can be made. In my “city” upstate we don’t have a bus system after 6-7pm depending on the day/ season. That’s ludicrous yet we subsidize the MTA. You’d think the state of new York would be interested in expanding the mta to include more people and connect more cities than 2 Amtrak trains a day that are of course empty how can you rely on a system with 0 frequency or infrastructure. The city of new York built the new 7 station and they clearly know better than greedy politicians in Albany where their system is lacking.
We accidentally ended up there after taking the wrong train and had no idea where we were when we walked up. It was surprising both in how lavish the area is and how few people were there.
It was hot in the beginning but I’m sure as more and more tourists had to have loans approved just to go there, the word began to spread. Crooked joe bidens inflation isn’t helping the situation.
My thing is why don’t they just lower the prices?🤷🏽♂️ yea it’ll take longer to recoup but at least you’ll have tenants. Rather have empty useless beautiful buildings
@@davidalford5889 and yet, things like Millionaires' Row in NYC exist - beautiful, expensive, empty buildings. There is no money in regular buildings for regular people. There is LOTS and LOTS of money in cheaply built, shiny buildings sold for millions and millions to people who have 3 or 4 residences already. The interior designer who convinced the mega-rich that unfinished plywood is a high-end luxury room finish is some kind of sympathetic supervillain.
As a 72 year old New Yorker, I can say that the whole development is cold, boring, and too far from the river. All the shops are luxury chain stores that overcharge to people who can afford them. A major disappointment.
I can't help but think that it's just a scheme. avoid taxes or launder money. also: this kind of minimalist approach is not what humans feel connected to. that bloody "vessel" is like an alien beehive. creepy vibes
I loathe both the Vessel, just from an architectural standpoint, not even taking the fact that it's a irrelevance of stairs to nowhere. But compared to the Oculus downtown it's gorgeous.
Hudson Yards is a gated community that doesn't serve the community, it's primarily a tourist attraction. HY received a $350 Million tax break from the city in exchange for promised affordable housing. It has failed. Their cornerstone, Neiman Marcus, filed for bankruptcy last year. Equinox hotel is up for sale. Three people took their lives by jumping off the vessel. The existing community repeatedly requested the vessel be retro-fitted with an enclosure or taken done. Now Related, parent company of HY, wants to put a casino in HY. The surrounding community has the highest street homeless population in the city and has requested instead affordable housing be built. City officials allowed a working class neighborhood to be turned into a tourist attraction, forcing many residents out. HY is the worst financial failure in the history of the city, and was even before the pandemic. -Hell's KItchen Block Association
You summed it up perfectly. I watched the entire thing rise from my apartment window on 42nd St. Totally not surprised when the second phase uh..'stalled'. I've been there twice - not even worth the walk
Forgot to mention that phase 2 was also dependent on financing for the Gateway Tunnel project which will run under Hudson Yards to Penn Station. That financing was also delayed.
New York manages to constantly disappoint it's citizens by doing every civil engineering project with the maximum amount of delays, controversy, budget overruns and political bickering possible. They always excuse themselves for this by saying "Oh, but it's so complicated doing this in Manhattan" despite the fact that there are many cities around the world with equal or greater challenging urban contexts who do not take 40 years to build just part of one new metro line and who have much more aesthetically pleasing results that NYC - which still manages to make passengers feel like they are scurrying through the city sewers like herds of overgrown rats. At the present, China in particular is putting New York and the American way of (not) building infrastructure and adequate public transport systems to shame. Sure, they have the advantage of cheap labor and the authoritarian ability to just force a project through. So we can console ourselves with that ... or we could get our act together and show that democracies can actually serve their citizens just as well.
They have no intention of building the affordable housing be real. They will continue to say they will build something so they can keep getting tax handouts, and once they are forced to build something it will just be sub-luxury condos that go for 3,000 for a 1br, but they will say it's affordable for the "neighborhood" because the normal prices are astronomical in Hudson Yards. Or the developer will just sell out after squeezing as much money from the project as possible and pass the buck to the city or another developer that may or may not build the affordable housing either. My 2 cents: the affordable housing will probably never be built as is often the case in these projects. They could have built mixed income condos/apartments from the start like they do in other parts of the city, but they couldn't sell to Saudi Royalty and billionaires who don't even want to be withing sniffing distance of the lower classes if they did that.
@@ThisJustin_87 It's most definitely a scam. If the minimum wage is $15 per hour, and a landlord requires your household income to be 3x the rent, an "affordable" unit for a full-time minimum wage worker is about $600 per month. Hudson Yards will never have a single housing unit anywhere near $600. There isn't a single private developer in America working on an urban housing project that creates $600 units. Don't believe your local government when they say they're working with private developers on "affordable housing."
New Yorker here. I never heard a single person in Manhattan say I want to go to Hudson Yards. First of all, did you know that in order to get to the damn place you can only access it with the 7 train? I mean, it’s the 7 train, the one you board at the LOWEST platform in the city. 5 stairs for that? No, thank you! We walk enough in this city.
I worked on those buildings… I’m a local 3 IBEW electrician and I have to say I’m proud to have worked on this project.. can’t wait to see if our shop will get the rest of the work and I go back on that job site 👍♥️
@@Richlucchoh you’ll get all the overtime you could ever want. Right now it’s like building on steroids. And (not to your fault) it’s an effort to kick us all out and bring in the rich. What does the future hold for the construction industry? What I mean is, when all the old buildings are torn down and the shity is just a sheet of glass instead of beautiful hand carved buildings, what will happen to all the construction jobs?
I live a few blocks from Hudson Yards. Driving from NJ the new buildings block out views of the Empire State Building. It's like Ft. Lauderdale or Kansas City was plopped down in Midtown Manhattan. There's a ripple effect of Covid, so I understand the developers' reluctance to build the affordable housing, but they must do so. Billionaires must stop breaking rules and serving themselves before serving the greater good.
Another reason high income and low income housing should be built fully integrated. Tuck some small apartments in in between the luxury apartments. Let them share amenities like pools.
yea but you think the elites want to be in the same living space as us filthy commoners who can barely afford to pay the rent. you think they want to interact with more people that have 150 million dollar yachts or you think they want to hear the poor whine about how they are behind on their credit card compaies. lmao
Typically in these large luxury building the bottom section of floors are rental units and the higher floors are condos. The have separate entrances and share few amenities if any. People who own don't want to deal with people who rent. There is no playing fair or being economical, hence the high price tags. I am familiar with a unit that sold for over 12m that was worth no more than 8m. Whoever bought the unit is currently doing a full gut renovation after paying a gross amount over the value of the unit. This level of wealth does not care about a couple hundred thousand dollars. They most definitely aren't the kind of people who want to share.
The high income housing will have depressed values, and the high income people who do buy in will include some who never stop throwing shade at the undesirables. Are you familiar with America's history of public pools? Have you seen the film (or read the book) "High-Rise?" I think it's a huge win just to get the classes to live on opposite sides of the same public square and mingle in the same supermarket.
Some cities in the NYC metro require the income restricted units to be identical to the market rate units. Stamford, CT for example does this. They require 20% of all units in a building to be rented or sold at the income restricted rate. Those units are mixed throughout the complex. If a developer doesn’t want to build the affordable units on site, they need to give the city the money upfront for the entire cost of building the housing, plus an extra 20% fee for not building it on site. The city then uses the money to build the housing themselves.
There's only so many luxury apartments that can be built before you run out of ultra wealthy people, and these kind of places seem to be being built all over the world. Sooner or later you've got to cater for the average person if you actually want to sell places.
This is also a neighborhood people don't naturally pass by. I lived nearby and Hudson Yards was the nearest place for me to sit down and get a coffee, have a stroll through Zara and have a break from the outside noise, but there really isn't much else to the place? Can't really get there comfortably with public transport, it feels like it's just a neighborhood in a hidden corner of Manhattan and the construction on 34th right makes it such an unwelcoming place.
Exactly, it's not in a very convenient location, so it's "out of the way" for a lot of people unless they go here for work or because they live here (if they can afford the sky high prices)
@@eugene8524 Yeah it means subsidised. But subsidies aren't always a bad thing. Lots of things are subsidized in order to achieve a greater political goal (highways, farmers, etc.)
Interesting fact. This project was green lot when I was in college and in architecture school which emphasized urban development so we focused on this projects intial proposal. The developer did not want affordable housings in it, it was pushed onto them by the city who in turn had it pushed onto them by the city residents. In fact, in an early draft, they were supposed to build the entire platform upfront, but changed the plan when the affordable housing portion was added. Even then people realized they were going to try to bail on that aspect of development.
Your point about office space is something that developers need to take note of. The pandemic taught us that there are much more efficient ways of working and that offices aren't always necessary. I live in a very populated/popular area and office spaces have been nearly half vacant for years now. Office parks only take up land and their parking lots go empty. I hope one day developers realize that there is still good money in making affordable housing instead of building empty luxury spaces. There are millions of people out there that pay on time and are great tenants!
Worse thing is they're STILL building more office space in & around Hudson Yards. Manhattan west is a similar multi-building development with even MORE office space going in
If they can't build the low income housing they should lose the rights to the rest of the property, they obviously aren't capable of fulfilling their contract. If it isn't incompetence, then it's theft and they should be arrested.
This is the norm in New York. Developers get approved because they promise a certain amount of affordable housing, then the developers change the plans half way through construction. Too late for governments to punish them.
The concept is so cool, building on top of an active rail yard. I just don't understand how the costs of building and renting here can ever be justified though. Rent in NYC is high despite empty units. Employers are diversifying by opening up offices in smaller cities across the country. And once smaller cities have become large. CIties like Miami, Fort Lauderdale, Houstan, and Dallas have become massive. It just doesn't make sense to me.
because its about prestige, the prestige of owning a downtown penthouse in New York city is one of the best things you can do to fully cement your billionaire or multi-millionaire status, even if that drives the average person away.
@@urbaninternational No, the problem is attracting their targeted demographic. The top 0.5% is super frugal and won't even look twice at something like this due to being cash poor. Nearly 100% of their assets are in the stock market. If the stock market were to crash to 0 tomorrow people like Elon Musk and Warren Buffet would be worth $0 because they put 100% of their salary in stocks and live off of credit. That's why you see all these billionaires living a modest lifestyle. The top 0.5% has a mental issue and they're simply not going to spend the money. That's where Life Coaches and Lifestyle experts should come in and convince these super rich people to sell some of their stocks and live a little. they're hoarders who just want to be known as the richest man (person) on earth.
absolutely. NYC used to be the icon of modern arch and skyscrapers, but now China, Dubai have overtaken it. Thankfully this Developer took the risk to face lift aging Manhattan. Affordable housing in the middle of this is just a crazy idea, unrealistic.
Desperate to build it in fact. But financing isn't making itself available easily. Leaves one to muse that part of the permit and zoning was allowed only with the assurance to New York City Zoning that the Below Market Rental apartment units planned for Phase Two would be forthcoming. The pressure to garnish funds for mortgage compliance has extended to many of Stephen Ross' Section 8 housing complexes. The section 8 HUD units are being sacrificed in places such as Connecticut. They are being stealthily replaced with higher cash yield BMR units. Not very kosher but if Zoning Commissions in States like Connecticut are going along, and HUD is keeping quiet then Mr. Ross might just raise the cash for the mortgage he must obtain to start and finish the project. Maybe before he dies.
Only NY Democrats are allowed to that. Imagine if Trump was building this...... He would be in trouble yet again and be blamed for not liking poor folk.
The developers have built what they presume is the most profitable: the offices, shops and residences for the ultra-wealthy. Although "affordable" by NYC standards is expensive, that part of the development will be postponed as long as possible. One commenter noted that Hudson Yards has no convenient subway access. Well, the ultra-wealthy don't ride the subway, and they apparently don't regard the convenience of their workers to be important. Overall, I don't consider this to be a "neighborhood". It's a vanity project for the rich.
The government could literally just force developers to build affordable housing in a timely fashion in order to receive any subsidy on the entire project, but they won’t do that for reasons. 🙃 The subsidizing of these projects means all locals regardless of income are essentially paying (tax) money to fund wealthy developers who ultimately reward locals with high rents.
the government will never do that because they will lose there kick back , you know. ( 20% FOR THE BIG CLOWN) in Washing-scam D.C. . we all know how that works don't we. lol lol lol
People in other parts of the world (and in New York in earlier eras) build tall buildings much quicker and cheaper than NYC and thus the cost of living in said buildings are a lot more affordable. Because local regulations are the primary reason that New York construction is so expensive, the locals are in fact raising their own rents via their voting decisions, while passing the blame to "greedy developers".
@@Letsplay222 I can assure you locals voting for public officials or ordinances does not have the same impact as developers lobbying and/or bribing politicians in any remote capacity, like… be serious. We’re not blaming voters for lack of affordable inventory, which is a national issue btw not just a NYC issue.
@@darkinetix Well it is a national issue in that immigration is completely unrestrained such that their always more people looking for less housing, that I agree with. Something has to be done with that. That doesn't mean that a voter can't make a difference locally. It's pretty ludicrous to state that the land developers are the reason that housing is so expensive. If anything it is the people STOPPING developers from doing their job with endless court filings and environmental impact reports, both of which can be significantly reduced through proper regulatory reform.
Glad to find this channel before 1000 subs! If you stick with it I bet you could break 100k in 6-12 months, and from there channels always really start to explode if the [good] content is there. Cheers!
apparently the developers are moving away from the original plan of building a new public school and affordable residential towers (to no surprise at all) and instead want to build......A FREAKING CASINO. Hopefully there will be enough of a backlash like there was when they wanted to build a literal wall to fence off Hudson Yards, to where they'll be force to stick with their commitments and build the affordable residential towers and public school. I love new skyscrapers as much as the next guy, I take pride that the New York skyline keeps getting taller and changing, but we need to strike a balance where these developments benefit the people of New York and not just the ultra rich and tourists.
Thank you for sharing this RE development there in the Big Apple. I will also ask family that lives in NY what they think about the new Hudson Yards as well.
Tall vertical structures do not a neighbourhood make. Cold, impersonal, and no soul or vibrancy. Not even the Vessel could encourage the will to enjoy life.
Other issue is that the luxury part of Hudson yards has a very high vacancy rate. Turns out people didn’t want to spend $5000 to live in Manhattan but with no sense of neighborhood
These super expensive residential towers are not build for the city needs in general. They are build to attract super rich individuals especially corrupt money launderers from around the world which eventually makes both the city and developers rich. Same happening in Miami nowadays.
If we go way way back to 2012 or so, Hudson Yards was supposed to include a big parcel for a new Madison Square Garden. I don't think there’s any room for it now. In any case, as impressive as Hudson Yards is in terms of engineering and design, it has not brought in the foot traffic, residential buyers and office workers as developers predicted.
As an engineer I simply appreciate it for the engineering aspect. Building it over an active rail yard it really amazing. Expensive..and perhaps unnecessary...but amazing too.
Not to knock your knowledge, skills or the construction industry as a whole, but the construction looks so flimsy. They do one floor, pour the concrete, wait for the glue to dry then start the next level. Then they put the glass on. I know very little about construction but what happened to the giant steel girders and rivets? I’m sure I’m wrong but it looks like buildings like the Empire State Building will outlive these new glass buildings
@@grazz7865 It’s not about the building; which it normal skyscraper construction. It’s the engineering of building it overtop a rail yard. You need piles connecting the building to bedrock and must negotiate train tracks and have a structure strong enough to support it all. THAT is what is so cool about Hudson Yards. Your comment makes me think you didn’t even watch the video. “Looks so flimsy.” What the heck are you even talking about?
@@TrendyStone I was stating my opinion of the way buildings are built now. Like I said in my first comment-nothing against you or your skills or the construction industry altogether. I know very little about construction. Just my observation.
@@grazz7865 The reality is skyscrapers are better built now than ever. The model of a reinforced concrete core is much stronger than the old I-beam construction of the past. If the NY Twin Towers had been constructed with modern technology with a central core vs an exoskeleton weight-bearing exterior they would have survived.
Congrats on being a true corporateer & faithfully touting the developer’s marketing message as a “neighborhood” despite how you correctly identified it as a development & project. Even with phase 2 completed, it’s hard to find it a neighborhood as a private development with numerous services available. Walk across the street & you’ll be in more of a neighborhood than the project will ever be on its own.
@@urbaninternational it’s not well defined, but it’s being co-opted & bastardized by developers who want to market their subdivisions as neighborhoods when they’ve never made successful, sustainable neighborhoods. It’s always been the people & local builders that create neighborhoods incrementally & flexibly.
@@ttopero What are you talking about? You do realize the majority of the buildings in NYC in "neighborhoods", at least from WW2 onwards were all build by developers, right? And in Manhattan probably for the last 100 years all buildings were built by big developers.
@@tlanimass952 the “master developer” until the 50’s were cities that planned & developed the new areas for private developers to build their buildings. It was done for creating livable neighborhoods, not to create a profit. That’s a huge distinction! It’s not about who develops the private lots as much as who “master plans” the development & their objectives.
Hudson yards was one of the most beautiful additions to the city in years. It’s so well done and absolutely beautiful to look at in the skyline. I think the vessel is spectacular in person.
I thought this was a B1M video for a sec lol Solid job with this man. The production is good, audio’s crisp, plus the presentation itself is insightful and well researched. Only thing I’d recommend is to develop your cadence a little bit more. Sounds like you’re reading from a script (nothing wrong with that) rather than presenting to an audience. Hey major props tho! Quality stuff here, and you’re only gonna get better with time. This channel’s definitely bound to blow; keep at it!
Why provide tax breaks to build more office space when there were already plenty of vacancies in existing buildings? Did they expect to attract corporations from other cities or simply shuffle around from existing buildings in midtown and downtown? If I'm the owner of an existing office building that is now faced with all that subsidized competition, I would be very upset.
I used to live at Hudson Yards at Hudson 36 and prices were in line if not lower than the other new buildings in midtown. Technically the building is not part of HY (along with neighboring Lyra building), but them offering lower rates tells you something about the neighborhood. It definitely didn’t work out the way it was intended: few block north and east are crowded with homeless people while HY stands empty at most times when it’s not filled with tourists. I also mostly used Citi bike to commute since taking 7 train always added extra time to commute. Finally, it’s constantly windy out there; my 10 pound Cavalier dog was once blown up in the air during walkies. I’ve got mixed feelings about HY ngl
You put that well. I was there earlier this year to take my daughter to the Edge.. you have to go to the 4th floor of the mall to get to the entrance. Soulless is a really good descriptor for the mall… all upscale stores that look exactly the same…open glass design interchangeable stores. The Vessel goes perfectly there… a busy little beehive of drones serving the queen(s). It’s beautiful but it’s kind of cold in a way… not a very welcoming space.
it serves well as part of High line's experience. But with so many empty office buildings now in NYC in this new remote working era, it doesnt makes sense to build new offices in the unbuilt west part of the Hudson project.
Visited HY last visit to the city a couple of months ago. Was kinda a ghost town for NYC. Wasn't much going on and Neiman Marcus is already closed. It also isn't that well connected to transit.
Live in a medium size town....all our "low income housing" has turned into run down ghettos. Lawns with litter everywhere, broken blinds in the windows, filthy foyers and dudes hanging outside drinking at all hours.
The developer already sold 4 residential buildings in NYC in 2023 alone. This is unheard of but with vacancies higher than ever in the history of NYC it's expected to get much much worse. Hudson Yard is a ghost town. Banks are reselling these giant loans at a lost just trying to cut the losses. Trillions in loans are due in months 😅
@@urbaninternational Although planned only about a decade ago, the changes in the ways we live, work, shop, communicate, etc. have changed so much that I believe this behemoth is already obsolete.
I never went up into 'Vessel' in all my visits. Is is a mad, grand feat of computer aided engineering that cost approx. $200 million! If they only made something that took people from one place to anther (as in levels of the mall or to Shed) and provided an observation level(s) too. And realized what a suicide magnet was. The site was a good place for a relocated Madison Square Garden, with more mainstream multiple use development. But, no, billionaires that be (the developer, the Madison Sq. Garden owner, Mayor Bloomberg) would not have it.
apparently the guy that designed it is a huge bonehead too. I remember watching a video about all of its controversies and they could've been prevented had the designer listened to people
MSG does need to move but idk if this was a good location. There will probably be a different place to build an arena like MSG in the city and hopefully rebuild Penn Station again.
Good video! Captures the essence of Hudson Yards. One thing, though: the site was never supposed to include a stadium. Those of us who were around remember very well how hard Bloomberg pushed for the Olympics. The stadium was the most ridiculous part of that campaign, and we all knew it would never happen. It would have been impossible. It was a fantasy, never part of any concrete plans. But the drawings were cool!
@@btbcc12859 It wasn't doable. The first team that ached for Hudson Yards was Steinbrenner's Yankees. But, the Dolan's who own MSG and all the teams that play in it, howled long and hard, about disruptive traffic 81 nights a year into that area of Manhattan. That would've been thee biggest nightmare in history. Forget it. If the Yankees weren't getting it, Giants/Jets weren't getting it ever. Then Bloomberg with his dopey Olympics plan. Billions for a stadium that would have 12 days use? JesusGodAlmighty. NY is the only city in the world that feels it is above the Olympics. No one wanted it here. Navigating traffic/subways/ferries to and from work, is enough of an Olympian feat for New Yawkers.
@@blaseblah204 NY wes very different when the Yankees were scouting the area. Traffic aside the project was very much doable and it would have provided a much needed stadium for the superbowl which tends to not like open stadiums
@@btbcc12859 Well, there was an open air Northern city Super Bowl played in the Giants/Jets unnecessary 1.6 billion boondoggle in 2014. Why they didn't put a roof on that money pit, for a coupla hundred mil more is beyond me.
I work in the area and continue to be amazed by the construction - Especially considering what was there before. Basically this site replaced or sits on top of the rail-yards and the immediate surrounding consisted of assorted shops ie auto work, etc. I think as HY evolves it will become another enclave for the rich but perhaps the planned affordable housing for the second phase will make a difference.
The epic failure of the residential phase of the development is that you're out on the west side near other commercial real space. There's no place to go grocery shopping, have access to bodegas, or inexpensive restaurants. The office space rents were insanely high, so the main towers are barely filled. COVID hit and everyone transitioned to remote working. Nothing but a huge tax write-off for the developers.
There’s a massive Whole Foods there and Brooklyn Fare is on 37th St. Plenty of bodegas on 9th avenue. Truist, Wells Fargo, Vista Equity, Meta, Tapestry and loads of other big name tenants have signed on. Manhattan West, which is also nearby, has some great restaurants in addition to the restaurants at the main site.
@@GabiN64 it's crazy how the best Mexican food you'll find it in the street and how that good food could cost an average of 10% or less the price of that kind of restaurants for the elite
I know NYC is different from any other city but with the majority of tech firms either working fully remote or using a hybrid model at best, I'd have to think that they would need to lower office rent to prevent this from turning into a ghost town.
Hudson Yards is a super luxury area that is mostly empty and had one of the worst timings of any major construction project since the Great Depression. It looks very nice but seems to be more than half empty. I wonder how many units are used by for money laundering like on Billionaire's Row a few blocks north... or maybe asking for their money bad due to a bad real estate investment.
As someone coming from The Netherlands, where our biggest city has a population of like 800k, there is something about projects like this in cities like NYC that is sort of magical to me. Over here, we always see mock ups of new projects like this, and then in the mock ups, it is filled with people just walking around, using benches etc. but when these projects are finished, they hardly ever get used like that. Of course, there is people walking around, but the social spaces that are made, are pretty much never really used as a common area where people just sit and chill. When I visited New York for the first time earlier this year, it was something I really noticed, that people do actually use these social spaces. I guess it has to do with the fact that people who live in NYC actually crave spaces like that, but for me personally there is just something satisfying about seeing people use spaces like that.
I went to Hudson yards twice. First time was to go on the edge, The mall was like a maze of glass walls. The second time I went with my family we had the whole fountain park to ourselves majority of the time.)
I think regardless of Olympics being hosted here or not, the stadium wouldve been so much better for Hudson Yards because a stadium doesnt cost $25 billion to make. And the stadium couldve still been a architectural masterpiece as well.
Looking back, the proposed West Side Stadium 15 years ago would've been a better fit considering that the buildings built on it currently which was financed publicly isn't returning the revenue the City of New York had hoped for.
They will never build the affordable housing. I hope that answers your question. These deals are structured so there is no penalty for the developer not fulfilling its agreement and no mayoral administration will ever push the issue. Perhaps by 2050 you will see 10 percent of what they promised. No joke.
It still baffles me how little the west has for spending power and how they still spend so much of it without reforming logistics and supply to streamline or spend that heapload of money on homeless or education
I walked through the outdoor spaces and The Shops the other day (August 2023) and I have mixed feelings. I think that the buildings are gorgeous and I'd be happy to see stuff this pretty pop up all over the city. Old school NYC style is great (brownstones, Victorian) but lots of the city was built on the cheap and not maintained well ... replacing it with glass towers helps NY keep up with the times a bit. Shanghai will always be shinier, but adding modern touches to NY helps to keep it attractive. But The Shops and Restaurants at Hudson Yards is kind of obscene and kind of a joke. The list of luxury brands on the first floor is close to a clone of Fifth Avenue stores that have a deep history (Cartier, Tiffany) yet the stores are all empty! Go up the escalators to floor 2 through 5 and it just gets depressing ... nothing noteworthy at all and you almost expect to see an old Sears or K-Mart with a "going out of business" sign. It's hard to say that NYC needed a new cluster of high-end shopping on the West edge of midtown, but if it did need it then this was certainly a failure. I do hope that Phase 2 (the Western half) gets built and achieves its goals (e.g. affordable (ahem ...) housing). If more people who were not super-wealthy lived there, this might become more of a real neighborhood. And the engineering is pretty cool as well.
High production values from this channel. For your information, developer Related has submitted an application for a gaming license to bring a potential casino into this downstate spot.
I would think that the most expensive towers would be built in phase two with unobstructed views of the Hudson. The current buildings views will be ruined once towers to the west are built. One suspects that it will be decades before the second phase starts in order for current space in Hudson Yards to be fully absorbed and the rest of Manhattan for that matter. I would guess that by 2050 or 2060, will be the right time frame. I probably won't be around to see that.
Although I agree with the idea that Phase Two won’t begin til Phase One is fully absorbed, I just don’t think it will take that long. This is NYC we’re talking about, one of the most crowded and famous cities in the world. I’m sure the area will be fully absorbed by 2030 at the latest.
To be honest, most developers in Manhattan are creating playgrounds for the multi millionaires and billionaires. For all of the drama and "reality" of Million Dollar Listing, ironically Frederick Eklund (probably the number one broker in the world) actually lamented about what is happening to Manhattan with all these developments. Manhattan is already so expensive I don't know how you escape the problem (unless you go WAY north). Even though a lot of people seem to be fleeing the city, there are still enough ultra wealthy that don't want to live anywhere else but Manhattan - so developers are going to cater to them, because the money is just too good.
Sort of - but the Chinese ghost cities are on a whole different level - and at least the quality of the construction in Manhattan is far superior to the absolute garbage that passes for "new" in China. Maybe that will start to change as China starts focusing on the issue - maybe.
@@urbaninternational Speaking of sun....my apartment at 34th/10th used to be flooded with sunlight year-round. Then came Hudson Yards and Manhattan West. Now I only get sporatic sun during the day. I wonder if the proposed buildings in phase 2 blocking the views of expensive real estate in phase 1 could be another reason for the delay. Affordable housing with a better sunset view than my $15MM condo? I'd be a little pissed if that were me!
Native NYer here. Like he said, this is a manufactured "neighborhood." It's just for the 0001%. it's not gonna have the life and rhythm of NYC. Ever. I have no reason to go there. Maybe to the Shed. But I'm not gonna hang out there after a performance.
Remember New Yorkers? This thing is on the west side. The west side has notoriously been a graveyard for public-private projects. It could decades if this project is completed at all.
1. A railyard in Manhattan is necessary to handle people commuting into the city, although it is still considered an eyesore. 2. Under normal circumstances, a building would not be built on top of the railyard because it is more complicated and expensive to build a support structure over the yard. 3. Demand for new luxury apartments can be met by building new buildings. A support structure could be built to support the buildings if the developer was confident that they would be able to cover all of those additional costs. Only very expensive partners can justify this investment. 4. Wealthy New Yorkers who love the city will stay regardless if Hudson yards exists or not, they instead continue to live in their current luxury apartment which was built 10 years ago. This cycle causes the upper class to take up valuable middle and lower inventory, effectively pricing out the lower class.
