Related, Oxford Propose 4,000 Apartments at Hudson Yards West
The project nearly doubles the initial number of proposed units, all part of a $12 billion development in New York City.
Related Cos. and Oxford Properties Group have unveiled plans to build 4,000 housing units at the Hudson Yards West development, a $12 billion mixed-use project located in the Manhattan neighborhood of the same name. In order to move forward, the project would need the approval of the New York City Council.
The developers had previously planned to build 1,500 units of new housing at the site, with 324 apartments designated as affordable. The partners did not specify the number of affordable units under the new proposal.
The project’s proposal is currently in the final stage of the city’s Uniform Land Use Review Procedure, so it is likely that the city will decide on the proposed change within the next few months, according to the partners.
In addition to the residential portion, Hudson Yards West could see the construction of a $12 billion casino complex built by gaming giant Wynn Resorts; this will include a 1,500-key hotel and an additional 238 apartments. Plans also call for the building of a public school, daycare and community facility. The development, located along Manhattan’s High Line, would also include 5.6 acres of green space. Upon completion, the district is expected to generate $2.7 billion in revenue for the Metropolitan Transportation Authority.
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The funding mechanism for the expanded residential portion would come from the city’s Payment in Lieu of Taxes program, which in effect provides property tax breaks ranging from 15 percent to 40 percent. The NYC Industrial Development Agency and NYC Economic Development Corp. issue these agreements, under which owners and developers are exempt from paying property taxes.
PILOT has been used for other phases of the Hudson Yards development, including for 20 Hudson Yards, Related and Oxford’s upmarket shopping mall.
Related CEO Jeff Blau said in a statement that more housing for Hudson Yards West was a commonly-heard request in the more than 200 community meetings for the project, despite “the unique financial hurdles of developing the site.” One major expense in the development would be building a $2 billion platform over the historic railyards.
NYC Housing Inventory Grows Slowly
If approved, the addition of 4,000 residential units would be among the larger single additions to the New York City market in recent years, according to the partners. Overall, in line with a decades-long trend, the city’s residential stock has been relatively slow growing, the Office of the New York State Comptroller reports.
As of 2023, the number of housing units in the city exceeded 3.7 million, growing by nine percent since the start of 2010, compared to 10.3 percent nationally, the comptroller notes. That was a higher rate than both the state of New York (6.5 percent) and the New York metro market (7.4 percent).
Also in 2023, the city added over 30,000 net new apartments for the first time since 2010, the comptroller says. The pre-pandemic high was 29,224 units in 2018. In 2024, the city’s housing production hit another record, netting 38,000 units.
