Over the Paywall – Good Info News Wire
Key Facts
- Hudson Yards, the largest private real estate project in US history, has emerged as a dominant office market in New York City, attracting companies such as BlackRock, Pfizer and Ernst & Young.
- Despite a near-record high office vacancy rate of over 18% across Manhattan, Hudson Yards exhibits a vacancy rate under 10% with several fully occupied buildings, offering rent prices almost triple of the city average.
- While Hudson Yards’ office market thrives, its luxury housing and retail components haven’t fared as well – the luxury condos are selling at about half the rate of other condo towers in Manhattan, and the high-end mall faced the bankruptcy and departure of anchor tenant, Neiman Marcus.
Article Summary
Five years after its grand opening, Hudson Yards, the largest private real estate project in United States history, has not only survived but thrived as a leading office market in New York City. Despite the high office vacancy rate across Manhattan, Hudson Yards’ office buildings have attracted major corporations such as BlackRock, Pfizer and Ernst & Young, commanding high rents and a low vacancy rate of under 10%. However, the project’s luxury housing and retail components haven’t been as successful, with luxury condos selling at half the rate of other Manhattan towers and the mall struggling following the bankruptcy and exit of anchor tenant, Neiman Marcus. The tax breaks provided to developers for the project, which are projected to save them around $1.1 billion over a 25-year period, have also drawn criticism. Despite these mixed results, the project is introducing changes, including the construction of a casino and resort, and re-opening of the iconic Vessel structure.
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