As Hudson Yards continues it’s march towards completion in 2025 and many amenities are open or near open including the Culture Shed, and the Vessel, the development is effecting nearby development.
According to Real Estate Weekly, brokers in nearby developments- both rental and sale are seeing increases in activity. These new developments include 515 West 29th street aka Five One Five, a boutique condo building with 3 listings on streeteasy starting at $4.375 mm for an 1895 sqft(172m2) 2bd/3ba. Also listed on the same block is 550 West 29th street which features a 3290 sqft(306m2) penthouse with a huge outdoor space in a 19 unit boutique building.
Neaby rental buildings are also seeing increased activity due to the influx of new commercial tenants to Hudson Yards. According to brokers representing those luxury rentals, some do not want to live exactly where they work but with a 5-10 minute walk and as a result are choosing nearby Hell’s Kitchen developments like Sky and The Oskar.
Mets pitcher Noah Syndergaard rents in Sky
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
Larry Silverstein, the developer of the World Trade Center, backed off on plans to build perhaps the tallest residential tower in Manhattan at about 1100 feet. The site falls under the Hudson Yards district so it would be have been necessary to build office space as part of the building but the developer was in negotiations with New York City officials to get a variance to build just residential/commercial. The feeling was that the site was closer to Midtown west and it would make more sense as primarily residential. Negotiations were also over the amount of affordable housing that make up part of the building. Apparently, an agreement was reached over the affordable housing component but then Silverstein decided to put the site for sale instead with CBRE.
This makes sense because by the time this property would have gone to the market, it may be too late for the luxury market. Additionally, 40th street and 11th avenue is a location that will probably be more desirable in another 10 years as it becomes more difficult (read impossible) to find sites. This site as a buy/hold would make sense and/or to build rental housing at this time.
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