Bloomberg: Hudson Yards ‘Wonderful’ for New York

"It's a wonderful day for New York," Mayor Michael Bloomberg said of the Hudson Yards development project. The 26-acre site on the city's West Side is the largest piece of undeveloped property in Manhattan.

New York—“It’s a wonderful day for New York,” Mayor Michael Bloomberg said at a press conference for the Hudson Yards development project. The 26-acre site on the city’s West Side is the largest piece of undeveloped property in Manhattan. When completed, it will hold over 13 million square feet of residential and commercial space, including the new home of Coach Inc.

The mixed-use property, developed by Related Companies and Oxford Properties Group, will encompass two large towers, which will add to the famous New York skyline, and will become the largest commercial building in Manhattan. The buildings will be certified LEED Gold.

Hudson Yards will also present a lot of residential opportunities for New Yorkers. Additionally, a significant portion of apartments will be set aside as affordable housing.

Mayor Bloomberg

“The Hudson Yards will be New York’s next great neighborhood and include all the elements that make a city great, [including] state-of-the-art office space, over a dozen acres of park, dynamic retail and restaurants, a cultural center public school and approximately 5,000 residential units, of which 20 percent of the rental units will be affordable,” Jay Cross, President of Related Hudson Yards, tells MHN. “[It’s] creating a once-in-a lifetime opportunity.”

Nearby attractions include the High Line and Hudson River Park.

Developing this area of New York will “create thousands of jobs for New York,” Mayor Bloomberg said. “I think we’re going to see more companies moving here.”

A significant element to Hudson Yards’ success is the expansion of the 7-train subway to the West Side, which will be completed in 2013. “We all know this will be New York City’s next great neighborhood, Thomas Prendergast, president, MTA New York City Transit, said.

Construction for Hudson Yards is set to commence in mid-2012 and will be ready for occupancy in 2015.