PlanNYC: Hudson Railyards

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Hudson Railyards

The Hudson Railyards site is a 26-acre site that runs from 30th to 33rd Streets between 10th and 12th Avenues. It is owned by the Metropolitan Transportation Authority (MTA) and located within the recently rezoned Hudson Yards area. After plans to build a new Jets Stadium on the site failed, the city began negotiating with the MTA. In September of 2006, the MTA agreed to work with the city to develop the rail yards. The City Council approved the agreement in October of 2006.

On July 13, 2007, Governor Eliot Spitzer issued Requests for Proposals (RFP) for the Hudson Railyards. For development purposes, the site was split into two separate sites – the East Rail Yards (ERY) and the West Rail Yards (WRY), each about equal in size (approximately 13 acres) – and a separate RFP was issued for each site. The ERY site was included in the Hudson Yards rezoning, which was adopted in January 2005, and is currently zoned for large-scale commercial development. The WRY site remains zoned manufacturing and would need to be rezoned before development could begin. Together the two RFPs allow developers to work with 12 million square feet of new residential and office space (check this).

On October 11, 2007, the MTA received five proposals for the site from large development companies including Tishman Speyer, Extell Development Co., Brookfield Properties Developer, The Related Companies, and a joint effort by The Durst Organization and Vornado Realty Trust. The proposals were put on public display in Grand Central Station from November 19 until December 3 and a forum to receive public comments was held on December 10. On March 26, 2008 the MTA announced that it had awarded the bid to Tishman Speyer who offered $1.004 billion for the 99-year lease of the site. Since that announcement, the MTA and Tishman have been negotiating the final terms of the deal. Recent reports of complications in these negotiations have raised some doubts about the future development of the site.

For news and information about developments in the larger Special Hudson Yards District created by zoning map change (040499(A) ZMM) and the zoning text amendment (040500(A) ZRM), please see our related Hudson Yards Rezoning & Development project.

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Hudson Yards Developer, Related, Adds Jets President to Staff

Wednesday, June 18, 2008 | Crain's New York Business | Topic: Economic Development

Former New York Jets President, Jay Cross, has joined Hudson Yards developer, Related, to head the development team for the area he knows so well. Related hired Cross due to his extensive knowledge of the complicated site, dating back to the failed Jets' bid to build a stadium at the site, as well as his real estate development experience. There is speculation that adding him to the team will provide the expertise and guidance necessary to get the project built.

Critique of Hudson Yards Plans Laments Nature of the Real Estate Deal

Monday, June 02, 2008 | Bloomberg.com | Topic: Transportation

James Russell, architecture critic for Bloomberg News, provides a critique of The Related Companies’ Hudson Yards plans, focusing on what he sees as inherent flaws in the nature of the real estate deal with the MTA. Russell worries that the MTA’s heavy reliance on the development-dependent revenues from the Hudson Yards project for its capital budget will potentially cause the planning and development of the site to be rushed. He fears that the scenario will ultimately result in an inferior design for what he calls the City’s “greatest remaining development opportunity.” Russell makes the case for an alternative financing model for the MTA: rather than depending on real estate deals, he recommends borrowing against a more long-term and constant revenue stream such as tolls, congestion pricing or a gas tax.

MTA Board Approves Hudson Yards Deal

Thursday, May 22, 2008 | The Real Deal | Topic: General

The Board of the Metropolitan Transportation Authority (MTA) unanimously approved the deal with The Related Companies and Goldman Sachs to redevelop the Hudson Railyards on Thursday.

Hudson Railyards Deal Eliminates Risk of Developers Walking, Says MTA

Thursday, May 22, 2008 | Reuters US Edition | Topic: General

On Thursday, the Metropolitan Transportation Authority (MTA) said that the deal it struck with The Related Companies to redevelop the Hudson Railyards will ensure that the developer won’t abandon the project. The MTA agreed to allow the developers to withhold paying rent for up to two years on vacant land.

CEO of Related Companies Said to Have ‘Jumped On’ Second Chance at Hudson Yards Deal

Tuesday, May 20, 2008 | New York Times | Topic: General

Only 10 days after the collapse of a deal with Tishman Speyer to develop the 26-acre Hudson Railyards, the MTA signed an agreement with The Related Companies for development rights to the site. Related’s CEO Steve Ross said he “jumped on” what he called “a second chance at a dream of a lifetime.” Related has put down an $11 million deposit and agreed to pay $18.8 million at the closing on the eastern railyards and another $24.7 million after the western portion of the railyards, which has not yet been rezoned, has gone through the necessary environmental and land use review processes. Government officials, including Governor David Paterson and Deputy Mayor Robert Lieber, heralded the deal, while critics of the project voiced concern over the speed at which the City was moving to adopt plans for such a massive and complicated project.

Confidence in New Hudson Yards Deal

Tuesday, May 20, 2008 | New York Sun | Topic: General

Mayor Michael Bloomberg and other elected officials expressed confidence in the new deal struck between the MTA and The Related Companies for the development rights of the Hudson Railyards. Real estate experts say that the commitment of an anchor tenant, in this case Goldman Sachs, helps to ensure the deal. Meanwhile the district manager of Community Board 4 has said that while the original Related plans scored low in a poll of area residents, the company’s new plan – which includes 440 units of permanent affordable housing – may help boost its approval. He also said that CB4 hoped to be able to meet with the MTA and Related soon to discuss the project details.

City and State Officials Comment on Hudson Yards Deal

Monday, May 19, 2008 | New York Daily News | Topic: Politics & Government

The announcement that the MTA had reached an agreement with The Related Companies to develop the Hudson Railyards site prompted comments from several City and state officials. Mayor Michael Bloomberg called the announcement “great news for the City” and expressed confidence that the deal would go through. Governor David Paterson expressed similar sentiments regarding the news, noting that it demonstrated “resilience of public-private partnerships in the face of the national economic downturn.” Speaker Christine Quinn said the development would help the local economy, as well as advance long-term housing goals. Senator Charles Schumer gave credit to the MTA for pushing the deal through and stressed the importance of number 7 subway extension project being completed on time.

Related Companies to Develop Hudson Railyards

Monday, May 19, 2008 | Reuters US Edition | Topic: General

The MTA has announced that it reached an agreement with the Related Companies for the rights to develop the Hudson Railyards site. The deal is said to be comparable in “business and legal terms” to the $1 billion dollar deal the agency had with Tishman Speyer that fell through last week. Related’s plans include 6.27 million square-feet of commercial and residential space in five towers on the eastern railyard site and 5.75 million square-feet in 8 buildings on the western site, once it has been rezoned. Goldman Sachs has signed on as an anchor tenant. The MTA says its board could approve the deal as early as Thursday.

Hudson Yards Bonds Still Considered Secure Despite Project Setbacks

Monday, May 19, 2008 | Other | Topic: Finance

According to bond analysts, financing for repayment on the $2 billion in bonds issued in 2006 to help fund the number 7 subway line extension appears to be secure despite delays and setbacks in the development projects whose revenues were intended to back the notes. The bonds are backed primarily by revenue streams coming from the sale of development rights, development fees, and various payments in lieu of taxes within a special Hudson Yards Financing District that includes the 26-acre Hudson Railyards sites. Complications in negotiations of the sale of development rights for that site, as well as setbacks in other projects in the area like Moynihan Station and the Javits Center expansion, have some investors worried, but representatives from bond rating agency Standard & Poor’s insist that their ratings on the bonds were not linked to any particular development project and thus the ratings would not be affected. Mayor Bloomberg has set aside money in the City’s budget to cover debt payments on the bonds, but so far it has not been needed thanks to existing revenues coming in from smaller developments in the Hudson Yards Financing District.

Schumer Reiterates Call for Focusing on Moynihan Station Before Hudson Yards

Monday, May 19, 2008 | New York Post | Topic: Politics & Government

In a column in the New York Post, Senator Charles Schumer reiterated his suggestion that the development of Moynihan Station and surrounding area should take precedent over the Hudson Yards project. Senator Schumer stated that he believes that both projects are vital to the future of New York, but that it makes more sense for development to start in the Penn Station area, where transportation infrastructure already exists, and then move westward. The senator outlined four steps to moving forward in developing midtown west: transfer control of the Moynihan Station project to the Port Authority, make improvements to Penn Station by moving some of the NJ Transit and Amtrak operations offsite and working with Madison Square Garden to move the WaMu Theater, move forward with the Moynihan Station project by granting it government approval, and rezone the Penn Station area to allow for more building and offer bonuses to companies that invest in transportation infrastructure.

MTA Insists that Hudson Yards Project Will Go Forward

Sunday, May 18, 2008 | Crain's New York Business | Topic: General

After walking away from a deal with Tishman Speyer for development rights to the Hudson Yards site, the Metropolitan Transportation Authority (MTA) is again negotiating with the three other developer teams that were originally vying for the deal. A representative from the MTA declined to discuss specifics about time or money, but insisted that they are trying to push the project forward quickly, adding that the agency will accept only what they consider to be a suitable deal. Others are not as optimistic about the project’s immediate future, citing the current economic environment.

Unclear Whether Conde Nast Will Rejoin Durst Bid for Hudson Yards Bid

Thursday, May 15, 2008 | New York Observer | Topic: General

A spokesman for the Durst Organization said that the developer expects publisher Conde Nast to rejoin as anchor tenant in its bid for the Hudson Railyards deal, but Conde Nast has refused to comment. The publisher was an anchor tenant in the original bid that was turned down in favor of a higher, but tenant-less bid from Tishman Speyer. After Tishman was selected, Conde began looking for new space, and according to one real estate executive, they are still talking with Brookfield Developments about space in a Ninth Avenue site close to the railyards.

Governor Admits Money Shortage for Some Projects

Wednesday, May 14, 2008 | Reuters US Edition | Topic: Finance

Governor Paterson admitted publicly on Wednesday for that there might not be sufficient money for several New York City projects including Moynihan Station, Hudson Yards and the Jacob Javits Center. New York City is suffering from a real estate slump that has affected several other cities recently. The governor suggested that it might be necessary to have “either an individual or a committee oversee all the structural development in those particular areas” in order to overcome delays and budget shortfalls.

City Reopens Discussions With Old Hudson Railyards Bidders

Tuesday, May 13, 2008 | Crain's New York Business | Topic: General

After the Hudson Railyards negotiations with Tishman Speyer fell through, the Metropolitan Transportation Authority (MTA) reopened talks with the other developers who had originally submitted bids for the site. It is uncertain whether any of the other developers will match Tishman Speyer’s winning $1 billion bid. The runners-up, a partnership between the Durst Organization and Vornado Realty, expressed a continuing interest in the project, but originally bid just under $900 million for the site. The MTA needs to fill a $700 million hold in its capital budget that the original agreement was supposed to fill. The point of contention that broke down the agreement between the two was Tishman Speyer’s desire to only start paying the lease after rezoning was completed on the western side of the rail yards, a process that could take 3 years.

Another Round of Negotiations Fails for MTA and Tishman Speyer

Tuesday, May 13, 2008 | Reuters US Edition | Topic: General

According to the Metropolitan Transportation Authority (MTA), the revived negotiations between itself and developer Tishman Speyer have failed. The MTA announced that it plans to reinstate negotiations with some of the other developers interested in building out the Hudson Yards project.

Mayor Disagrees with Schumer's Plans for West Side

Monday, May 12, 2008 | Reuters UK Edition | Topic: General

Following comments made by Senator Charles Schumer (D-NY) about the future development on Manhattan's West Side, Mayor Mike Bloomberg warned the Senator that "we set the cities priorities – they don't come out of Washington." Schumer and Bloomberg disagree on what essential elements are needed to get the Hudson yards project back on track. Schumer contends that Moynihan Station should be the top project, while Bloomberg has emphasized the extension of the No. 7 Subway line. The elected officials also disagree on who should spearhead the Moynihan Station project – Schumer would like to see the port Authority in control and Bloomberg disagrees.

Hudson Yards Developer Tishman Speyer to Meet with MTA Again

Monday, May 12, 2008 | Reuters US Edition | Topic: Economic Development

After the Hudson Railyards negotiations between Tishman Speyer and the Metropolitan Transportation Authority (MTA) broke down over the developer’s rezoning demands, the two parties have scheduled another meeting for Tuesday, May 13. Both parties hope that the project can continue to move forward as planned.

Bloomberg Expresses Hope for Hudson Yards Deal

Saturday, May 10, 2008 | New York Times | Topic: General

Mayor Bloomberg met with representatives from Tishman Speyer in London on Friday and expressed optimism that the developer, selected in March as the winning bidder to redevelop the Hudson Railyards site, and the MTA could still work out a deal for the site. Negotiations failed last week when, according to the MTA, Tishman proposed postponing the closing of the deal until the West railyard site was rezoned, a process that will take at least 18 months. After giving the developer a day to reconsider, the MTA called off the deal on Thursday afternoon. Representatives from Tishman and the MTA are scheduled to meet again on Monday.

MTA and Tishman Speyer to Continue Negotiations

Friday, May 09, 2008 | Crain's New York Business | Topic: General

Despite an apparent collapse in the negotiations between the MTA and Tishman Speyer over the development of the Hudson Railyards site, the two agencies are said to be working on reviving the deal. According to Crain’s, moving forward with the deal is in both parties’ interest. If further negotiations fail, the MTA loses the $1 billion that Tishman pledged for the development rights, and risks losing leverage with other potential developers. Tishman Speyer would lose the opportunity to develop a signature project at on the largest remaining developable tract of land in Manhattan.

Hudson Rails Yards Agreement at Standstill

Friday, May 09, 2008 | New York Times | Topic: Land Use

The 26 acre site development deal between Tishman Speyer Properties and the Metropolitan Transportation Authority to develop the West Side rail yard is at a standstill. According MTA, Tishman Speyer wanted to change the terms of agreement that was originally agreed upon in March. Some are concerned that the standstill could jeopardize the project due to the slowing economy. Both the MTA and Tishman Speyer have indicated their commitment to the project and meeting the needs of the community.

Ouroussoff: Architectural Renderings Don’t Tell the Whole Story

Sunday, April 20, 2008 | New York Times | Topic: General

New York Times architectural critic Nicolai Ouroussoff offers a critique on the visual materials that developers present to the public for large-scale developments, using Tishman Speyer’s plans for the west side railyards as an example. Ouroussoff asserts that the renderings and models that Tishman Speyer released don’t accurately portray the reality of their plans, which is has become the norm for developers. Specifically he says that the visuals are presented in such a way that it is difficult to assess the actual scale of the project, or how it fits with its surroundings. He concludes that such incomplete portrayals cloud the public review process.

Redevelopment Plans for West Side in Jeopardy

Monday, April 14, 2008 | New York Times | Topic: Economic Development

Due to a slowing economy, financial instability, logistical issues and setbacks with Penn Station and Javits Convention Center, Mayor Bloomberg’s overarching plans for redeveloping the West Side are in jeopardy. Several in the planning community believe that the City should use the delays as an opportunity to focus its efforts on rethinking the development plans for the area. Some urban planners argue that a less ambitious plan of establishing incremental developments toward the West Side would be more practical.

Deadline Missed in Hudson Yards Redevelopment

Friday, April 11, 2008 | New York Sun | Topic: Land Use

Under an agreement reached two weeks ago between the Metropolitan Transportation Authority (MTA) and Tishman Speyer, the developer chosen to redevelop the 26 acre rail yards, MTA was supposed to certify Tishman as the developer by Thursday April 10th. That deadline was missed, although both sides have said that an agreement is near completion. Tishman must still get the site rezoned which is subject to the city’s Uniform Land Use Review Procedure. This could delay the project significantly

Pros and Cons in Hudson Yards Deal

Thursday, March 27, 2008 | Gotham Gazette | Topic: General

The Gotham Gazette outlines the pros and cons of the Tishman Speyer plans for the Hudson Rail Yards that have been posited by several different interest groups. People involved in the High Line Park project applaud the plans for its preservation and renovation of the portions of the high line on the site. The Daily News calls the deal a “win-win,” citing money from the deal for transit, increased property taxes, and the development of a new school. GreenbuildingsNYC.com, a website devoted to green business issues in New York City, notes concerns about affordable housing, but acclaims Tishman Speyer for their green track record. Other groups are more critical of the development plans.

Tishman Speyer Bid and Hudson Yards Development Expected to Jumpstart West Side and Fill MTA Budget Gap

Wednesday, March 26, 2008 | Reuters US Edition | Topic: Finance

Tishman Speyer’s $1 billion bid for the Hudson Rail Yards will fill the $700 million gap in the MTA’s capital plan. Although the developer will only be required to pay $88 million in the first three years, the MTA’s chief financial officer noted that the money for the capital plan is not actually needed until 2016. Both New York City Mayor Michael Bloomberg and New York Governor David Paterson hailed the project as an important boost during tough financial times.

Tishman Speyer Wins Hudson Yards Bid; Details of Helmut Lange Design

Wednesday, March 26, 2008 | WNYC | Topic: General

After the announcement of Tishman Speyer’s winning bid for the Hudson Yards site on Manhattan’s west side, WNYC reporter Matthew Sherman discusses the details of the Helmut Jahn design for the site, as well as financing issues.

MTA Says Tax-Exempt Bonds a Possibility to Help Finance Hudson Yards

Wednesday, March 26, 2008 | Reuters US Edition | Topic: Finance

The Metropolitan Transportation Authority (MTA) announced that Tishman Speyer, the developer chosen for the Hudson Yards redevelopment, will possibly have the ability to use tax-exempt bonds to help finance the decking over of the train tracks on the site. However, an MTA official clarified that these bonds would be sold on a non-recourse basis.

Hudson Yards Development Goes to Tishman Speyer

Wednesday, March 26, 2008 | Crain's New York Business | Topic: Land Use

The Metropolitan Transportation Authority (MTA) selected Tishman Speyer as the developer of the Hudson Yards area. Tishman’s winning bid was $112 million higher than the joint offer by Durst Organization and Vornado Realty, which was seen as the most competitive of the three other bids remaining. The plan submitted by Tishman Speyer has drawn community opposition because it has less open residential space than the other proposals, and it does not include plans to keep the entire High Line. The developer will likely revise its plans to address some of these concerns during the land use process. Tishman Speyer was able to win the bid without an anchor tenant.

Winning Hudson Yards Plan Will Face Scrutiny From Public

Tuesday, March 25, 2008 | New York Observer | Topic: Land Use

Before it can be developed, the western section of the Hudson Yards site will need to be rezoned. This means that the winning developer’s plans will need to go through the city’s land use processes, which calls for input from the local community boards and the borough president before it reaches the City Council. The expected winning bid from Tishman Speyer has already received criticism from Community Board 4, which may result in changes to the final plan.

Durst and Vornado Still Hope to Win West Side Railyards

Tuesday, March 25, 2008 | New York Times | Topic: Land Use

Although several experts have speculated that Tishman Speyer will be given the bid by the Metropolitan Transportation Authority (MTA) to develop the West Side Railyards, a joint effort by the Durst Organization and Vornado Realty Trust is still trying to advocate their proposal. The Tishman Speyer plan has nearly 10 million square feet of office space while the Durst/Vornado bid has about half of the office space but 7,000 residential units, making it popular with the community. Durst/Vornado is also pushing that they still have an anchor tenant, Conde Nast, to support their endeavor, while Tishman Speyer recently lost its anchor tenant, Morgan Stanley. The MTA is expected to make a final announcement at its Board meeting on Wednesday.

Tishman Speyer Expected to Win Bid for Hudson Yards Site

Saturday, March 22, 2008 | New York Times | Topic: Economic Development

Tishman Speyer is likely to be announced as the winning bidder for the Hudson Rail Yards site on the west side of Manhattan at a March 26th meeting of the Metropolitan Transportation Authority’s (MTA) Board, according to two associated with the negotiations. There were initially five bidders for the western railyards, but last month Brookfield Properties dropped out of the running. The Extell Development Company was eliminated last week by the MTA, according to a source. Recently, the Related Companies lost support from its anchor tenant, the News Corporation. The remaining two bids in consideration are a joint effort by Durst Organization and Vornado Realty Trust and Tishman Speyer, who also recently lost support from its anchor tenant. According to the sources, the MTA has focused its negotiations on Tishman. An announcement of a winning bid will begin a four-month period of additional, more detailed negotiations regarding the transfer of the site.

MTA Will Delay Decision on Winning Bid for Hudson Yards Redevelopment

Friday, March 21, 2008 | New York Sun | Topic: Land Use

Eliot Sander, Chairman of the Metropolitan Transportation Authority, has said that a decision on a winning bid for the Hudson Yards is not likely to happen by the end of March as originally planned. In recent weeks, one of the five bidders, Brookfield Properties, has dropped out and another, Tishman Speyer, lost Morgan Stanley as its anchor tenant. A possible reason for the delay could be because of the recent Administration change in Albany.

Governor’s Resignation Could Impact Major Projects

Wednesday, March 12, 2008 | Crain's New York Business | Topic: Politics & Government

Governor Spitzer’s resignation is expected to impact the outcome of two major projects, Hudson Yards and Moynihan Station. The MTA anticipated designating a developer for the Hudson Yards site by the end of March. However, with a new governor entering office, some believe that it could take longer for a decision to be made. Additionally, the fate of Moynihan Station may also be in jeopardy as it is already facing budget constraints despite having Spitzer’s support. It is uncertain if David Patterson will be committed to supporting this project. Patterson’s decision to replace heads of certain state agencies could also affect the outcome of these projects.

Morgan Stanley Backs Away as an Anchor Tenant in Hudson Yards Bid

Wednesday, March 05, 2008 | New York Times | Topic: Economic Development

Morgan Stanley, which had initially partnered as the anchor tenant for Tishman Speyer Properties’ bid to develop the Hudson Yards, says that it can no longer commit to the project. Morgan Stanley is concerned about the timetable of the development, especially with regards to their current lease, which does not end till 2013. The Metropolitan Transportation Authority (MTA) had expressed a preference for bids that included an anchor tenant, because it thought they would be more likely to remain on schedule. Some are saying that this move by Morgan Stanley reflects fears about the real estate market and the ability of this project to finish on the city’s timetable.

Brookfield Properties Drops Out of Hudson Yards Bidding

Wednesday, February 27, 2008 | New York Sun | Topic: Land Use

Brookfield Properties, one of the five developers who submitted bids to develop Hudson Yards, has withdrawn from the process. The Metropolitan Transportation Authority (MTA) had asked for a resubmission of bids, which would provide a more detailed financial plan for a 99 year lease instead of sale, which the MTA currently favors. Brookfield did not resubmit its bid. The developer is still expected to begin construction of a platform over another set of railroad tracks on the West Side in June. The MTA is expected to make a final decision in March.

Former MTA Chief Skeptical for Hudson Yards Development

Friday, February 08, 2008 | New York Sun | Topic: Land Use

Richard Ravitch, Chairman of the Metropolitan Transportation Authority (MTA) from 1979-1983, has doubts about the feasibility of the current plans to redevelop the Hudson rail yards because of the weakening economy. While Ravitch applauded the MTA for its decision to lease the rail yards instead of selling them, he expressed frustration with the MTA for the process in which it has handled the bidding process. Currently the MTA is waiting to hear back from the five bidders on an addendum to the initial Request for Proposals (RFP) that will hopefully provide a more detailed financial plan.

Hudson Yards Deal Includes Additional Expenses for Developer

Wednesday, February 06, 2008 | Crain's New York Business | Topic: General

The Metropolitan Transportation Authority (MTA) is requiring that the developer selected for the Hudson Rail Yards project create a $9.2 million fund intended for improvements to the Long Island Rail Road near Shea Stadium, even though it’s miles away from the primary development site. According to documents sent to interested developers, the MTA would also require additional funds or credits be designated for rail yard and environmental expenses. These funds would be available for the MTA to draw on as needed without having to reimburse the developer if they backed out of the project. Some of the developers competing for the project believe that these additional expenses, along with the MTA’s decision to lease instead of sell the site, vastly complicate the bidding process.

MTA Wants to Lease, Not Sell Hudson Yards

Tuesday, January 29, 2008 | Crain's New York Business | Topic: Economic Development

The Metropolitan Transportation Authority (MTA) announced it would prefer signing a 99-year lease with a developer for Hudson Yards, rather than selling the land located over the railyards. When MTA originally put out its request for proposals, it said it would either sell or lease. Since then, there has been some public pressure not to sell the land because of its potential value to the MTA. The MTA said it would still listen to purchase offers from the developers who have put in bids on the site. A source from one of those development teams says that MTA is also asking for a slice of the profits from the site once it has been leased. The MTA has given the five developers three weeks to respond to comments on the MTA’s preferred deal structures. A developer is still expected to be chosen by March.

Opponents of Hudson Yards Plans Write MTA Chief a Letter

Thursday, January 10, 2008 | New York Post | Topic: Land Use

Community activists of Hudson Yards recently wrote Metropolitan Transportation Authority chief Elliot Sander a letter opposing the current plans for the area. The chair of the Hudson Yards Community Advisory Committee, Anna Levin, argued in the letter that the development proposals are too large in scale and will strain city services.

Report Finds Insufficient Infrastructure for Hudson Yards Plans

Wednesday, January 09, 2008 | Crain's New York Business | Topic: Land Use

The Hudson Yards Advisory Committee released a report indicating that the 26-acre Hudson Rail Yards proposed development will not provide sufficient public infrastructure. Although developers are planning on building a school, a fire station, and a police station, a library, and day cares, the report says that other infrastructure needs to be planned and financed. In addition, the reports suggests that the city seek ways to provide additional affordable housing and funding for the extension of the No. 7 subway.

Three Bids Leading the Way for Hudson Yards

Saturday, December 15, 2007 | Crain's New York Business | Topic: Land Use

Bids by the Related Companies, Tishman Speyer and Vornado Realty Trust are considered by some to be the top choices of the Metropolitan Transportation Authority (MTA) for redeveloping the 26-acre Hudson Yards site, mainly because they have secured significant tenants for partnership. While each developer has put forth its own proposal, some insiders believe that the MTA may approve parts of all three bids, which could effectively keep all the tenants who have agreed to move to the new site. The MTA is expected to make a decision on the bids early next year.

Hudson Yards and Brookfield

Friday, December 14, 2007 | ReportonBusiness | Topic: Land Use

For the Canadian development firm, Brookfield Properties Corporation, approval of their bid for Hudson Yards would instantly transform how individuals in the real estate and development world view them. As of now, Brookfield remains an underdog in its attempt to develop the West Side. If Brookfield gets the full bid from the MTA, it would more than double the company’s portfolio for development projects. Also, it estimated that approval of their bid would increase their operating profits by 40%. One concern in picking Brookfield is that they have not secured an anchor tenant.

Hudson Yards Forum Planned For Public Comments

Monday, December 10, 2007 | Metro New York | Topic: Urban Design & Architecture

On Monday night, the Hudson Yards Community Advisory Committee will host a forum for the public to offer their thoughts on the five bids for Hudson Yards. The Committee is a coalition of elected officials and local community organizations. Aside from this opportunity, it is expected that the public will have significant time for comments as the project must go through the city’s Uniform Land Use Review Procedure (ULURP).

All Five Bidders for Hudson Yards Have Close Ties to Mayor’s Office

Tuesday, December 04, 2007 | New York Observer | Topic: Politics & Government

The five developers who submitted bids for the redevelopment of Hudson Yards all have hired staff with connections to the Bloomberg administration, though the levels of connection vary between bidders. Although some of the hires were made before the developers knew they would be bidding for Hudson Yards, at least one conflict of interest question has been raised in the bidding process. None of the teams, however, have a connection the Metropolitan Transportation Authority (MTA), which has four controlling votes on the selection board.

Hudson Yards Bids Will Depend on Many Factors

Monday, December 03, 2007 | The Slatin Report | Topic: Economic Development

According to The Slatin Report, the overriding priority of the Metropolitan Transportation Authority (MTA) in considering the five bid proposals for the Hudson Yards redevelopment is the financial implications of all the projects, particularly since some of the developers have already secured major tenants. Each bid has significant plusses and minuses, and the final decision will have many ramifications. The future of the development area depends in large part on many unexpected factors, like the political environment, the direction of property values, the state of the economy, and infrastructure needs.

Architect Critiques Hudson Yards Proposals

Saturday, November 24, 2007 | New York Times | Topic: Urban Design & Architecture

In a review of the five bids to redevelop Hudson Yards, New York Times architectural critic, Nicolai Ouroussoff has offered a negative critique of the proposals, citing a lack of design innovation and a failure to marry the large structural scale with public use needs. Though he approves of Extell’s attempts to manage the scale issue and connect the site with the surrounding area, he generally finds the designs to be a “grim referendum on the state of large-scale planning in New York City.”

Public Comments on Hudson Yards Proposals

Tuesday, November 20, 2007 | New York Daily News | Topic: Economic Development

The five Hudson Yards proposals are on display for public comment in a storefront across from Grand Central Station, and they have met with lukewarm reception from the viewing public. Some expressed concerns about overcrowding, and others worried about the affordability of the housing.

Plans for Hudson Yards On Display for Public Comment

Monday, November 19, 2007 | New York Daily News | Topic: Economic Development

The Metropolitan Transit Authority (MTA) unveiled the five bids that were submitted for the Hudson Yards project. On display until December 3rd near Grand Central Terminal are models and renderings of the five different plans that were proposed. All of the plans have "30 million square feet of office space, 15,000 apartments (of which 30% will be permanently affordable) and sweeping open space" according to Deputy Mayor Daniel Doctoroff. All of the plans also propose to protect the High Line and provide some sort of access to the Hudson River waterfront. Four of the five plans propose to build decks to cover the train yards which will continue to operate with the new development. The MTA is expected to make a final decision in 2008

Extell Reveals Details of Bid for Hudson Yards

Friday, November 16, 2007 | New York Observer | Topic: Urban Design & Architecture

The first of five development plans proposed for the Hudson Yards redevelopment was revealed by Extell Development Co. Their bid proposes the construction of several towers which would leave three-quarters of the space available for open space, 25% more than the city’s proposal. The centerpiece of Extell’s bid is a three-pronged skyscraper rising almost as high as the Empire State Building. that is designed and oriented to minimize the shadow it casts over the space below. Extell’s plans also call for geothermal cooling and a park reservoir for water runoff.

Bidders for Hudson Yards Present to MTA

Thursday, November 08, 2007 | Crain's New York Business | Topic: Economic Development

The five developers bidding for development rights for the Hudson Yards project presented their plans to the MTA this week. The MTA accepted bids for the 26 acre site until October 11th. Though the plans are not yet available for public viewing, the MTA will reveal them in part before year’s end, and the MTA board will vote on a developer in February or March of next year.

Bids with Tenants May Have Advantage for Rail yard Project

Tuesday, October 16, 2007 | New York Observer | Topic: Economic Development

Three of the five bids submitted for redevelopment rights of the Hudson Yards included tenants willing to move into the newly created space as well as help finance the projects on the West Side. If the selection process is anything like it was for the old Coliseum site, firms that have secured tenants will look more attractive to both banks and the site owners. In this case, the Metropolitan Transit Authority will form a panel to select a winner. Public input is expected and the selection process is planned to be completed next year.

5 Firms Bid Billions for Hudson Yards Rights

Saturday, October 13, 2007 | New York Times | Topic: Economic Development

Five firms have submitted bids to the Metropolitan Transportation Authority (MTA) to develop the 26-acre Hudson Railyards. According to sources, each bid was near $1 billion dollars. Bids for development, which many believe could change the character of Midtown Manhattan and secure economic and infrastructure development for years, are now available for public review and feedback.

Bids for Hudson Yards Will Face Public Scrutiny

Friday, October 12, 2007 | Crain's New York Business | Topic: Land Use

The Metropolitan Transit Authority announced that bid plans for Hudson Yards will be made available to the public for comment before final action is taken. Plans will be reviewed by the MTA and the Hudson Yards Development Corporation. A final recommendation will be offered by the MTA early next year. It has not been decided, however, at what level and when public input will be considered.

Sherwood Reveals Hudson Yards Development Plans

Tuesday, October 09, 2007 | Other | Topic: Economic Development

Sherwood Equities announced its plans to develop two parcels of land in the Hudson Yards area. One area will become a 35-story apartment building with 200 rental units, while the firm will build either a large hotel or an office complex on the other parcel.

Hudson Yards Development Bids Due Soon

Monday, October 08, 2007 | Crain's New York Business | Topic: Economic Development

Several developers are expected to submit bids for the Hudson Rail Yards development rights by the October 11 deadline. The 26-acre area, "Manhattan's last major development site," is expected to extend Midtown west with a mix of office space, housing and recreational facilities. Questions remain about anchor tenants, affordable housing and the High Line, among other issues, meaning the content of the bids is highly anticipated.

Morgan Stanley, Conde Nast To Bid for Railyard

Saturday, October 06, 2007 | New York Times | Topic: Land Use

Two major firms, Morgan Stanley and Conde Nast, the magazine publisher, are expected to put in rival bids to develop the West Side Railyards. Both bidders are seeking to relocate their headquarters in the recently rezoned 26-acres of land between 30th and 31st Streets along 11th Avenue. These financial firms are working in partnership with major developers to place their bids for the space currently owned by the Metropolitan Transportation Authority (MTA).

High Line Rail Proposal May Prove Unfeasible

Thursday, October 04, 2007 | New York Sun | Topic: Transportation

Developer Durst Organization has proposed a “people mover” that would run between the West Side rail yards and Pennsylvania Station. Officials have criticized the “monorail-like” train as being too costly and the MTA believes the proposal is impractical. In addition, the plan may conflict with the community’s desire to maintain parkland. Bidders for the project recognize the expensive costs and realize that assistance from the city, state, or outside sources would need to be sought.

Light Rail Link to Penn Station Proposed by Bidder

Tuesday, October 02, 2007 | New York Post | Topic: Transportation

A proposal by developer Durst Organization, who is currently a major bidder for development of the West Side rail yards, includes an automated light rail line that would connect the yards to Penn Station. The “people mover” would also connect with the planned extension of the No. 7 subway line. The developer, which would be responsible for managing the light rail line, claims that the train could move 20,000 people per hour. The cost of this project has yet to be reported.

Large Developer Bidding for West Side Railyards

Wednesday, August 22, 2007 | The Real Estate, New York Observer | Topic: Economic Development

Prominent developer Related Companies is preparing a development proposal for the West Side Railyards as the bid deadline approaches in October. The Related Companies’ real estate success at Columbus Circle with the Time Warner building makes the company good competition for the 26-acre site on Manhattan’s West Side, says the New York Observer. The Metropolitan Transportation Authority (MTA) is soliciting bids for the West Side site.

Bidding to Begin on Hudson Yards Development

Friday, July 13, 2007 | New York Sun | Topic: Urban Design & Architecture

Bidding to develop the West Side rail yards is expected to open today, beginning the process which will drastically change the Hudson Yards area. Developers plans may include up to 12 million square feet of mixed-use commercial and residential space, and are expected to contain a large amount of open space. At least five development companies within New York are working on potentials plans for the location.

High Line Restoration to Cost a Pretty Penny

Friday, June 08, 2007 | Crain's New York Business | Topic: Economic Development

The price of restoring the northern part of the High Line, which runs along Manhattan’s far West Side, is estimated at $117 million, according to a report prepared by Tishman Construction for developer The Durst Organization. The Metropolitan Transit Authority, which owns the 13-acre swath of waterfront rail yard, is expected to begin soliciting development proposals starting Monday, June 11.

Concerns Over Hudson Railyards Plans Expressed

Friday, May 18, 2007 | The Villager | Topic: Economic Development

Last week at a public meeting to discuss development plans for the Hudson Railyards, affordable housing and preservation advocates clashed with City and MTA representatives over the mega-mixed-use plans currently in place. These plans include possibly demolishing the historic High Line viaduct and replacing it with a new one. There were also concerns over the fact that only 20% of new housing planned is slated as ‘affordable.’

Bids on Hudson Yards Expected for Next Month

Thursday, May 17, 2007 | New York Times | Topic: Economic Development

The city and the MTA will be accepting bids for Hudson Yards next month, and expect to receive offers from five of New York’s largest developers. The 26-acre site is the proposed site for a third business district for Manhattan, with access to a new and expanded Javitz Convention Center. The extremely large scale of the development makes this process a first for the city. The biggest issues to be faced when receiving bids will be the desired inclusion of affordable housing, which could lower a developer’s value, the desire to preserve the High Line, which could also increase a developer’s costs, and the desire to maximize the revenue that the MTA can receive.

Questions at Hudson Yards Over High Line and Affordable Housing

Sunday, May 13, 2007 | Crain's New York Business | Topic: Housing

As plans for the Hudson Yards progress, two major issues face city officials: what to do with the remainder of the High Line and how to provide proper financing for affordable housing. Hudson Yards is one of the last remaining expanses available for development within Manhattan, and preservation of the High Line could make development more expensive or limit the available land. In addition, the city does not have sufficient tax-exempt bonds to finance the desired ratio of 20% of affordable housing in the area. However, given that construction is not scheduled until 2010, officials believe they have time to find feasible solutions.

Hudson Yards Development Proposals Expected Soon; Few Details

Friday, April 13, 2007 | New York Sun | Topic: Land Use

The city is expected soon to release request for proposals (RFP) for the west parcel of the 26-acre Hudson Yards on the West Side of Manhattan that could begin the largest development project in the city to date, surpassing both Atlantic Yards and the World Trade Center redevelopment. The Metropolitan Transportation Authority (MTA), who owns the development rights above the rail yards, is spearheading the process. According to the Real Estate Board of New York, four developers are currently working on proposals for the site, all of which will likely include an enormous amount of residential and commercial space (13 million square feet in one estimate). The MTA will use development revenue to help support the extension of the 7 line. Much anticipation has surrounded this moment, as the Hudson Yards area is the last large area of Manhattan yet to be developed. While the project has not yet stimulated heated opposition, some contentious issues might include the loss of open space, demolition of the High Line Park in the area of the development, and the MTA's lack of specificity about guidelines. The city hopes to issue an RFP at the end of May.

Hudson Yards Project to Advance with Bond Selling in December

Wednesday, November 22, 2006 | GlobeSt.com | Topic: Finance

New York City is set to sell $1.5 billion worth of Hudson Yards Infrastructure Corp. (HYIC) bonds on December 4 to generate revenue to extend the No. 7 subway line west and south of its current terminus at Times Square Station at Seventh Avenue and 41st Street. The City is obligated to pay interest on up to $3 billion of HYIC bonds if project revenues are insufficient. Financial experts expect, however, that strong demand in Midtown for commercial and residential development will support the bonds.

West Side Railyard Moving Forward

Wednesday, October 11, 2006 | NY1 | Topic: Transportation

Last month, the MTA board signed off on plans to develop its West Side Rail Yards in partnership with the city. Most of the initial investment will go toward extending the number 7 subway line to Eleventh Avenue and 34th Street. Condemnation of buildings needed to make way for the number 7 is expected to move forward over the following months.

Speaker Silver Questions West Side Development

Thursday, October 05, 2006 | New York Post | Topic: Land Use

State Assembly Speaker Sheldon Silver has expressed concern that the Bloomberg administration’s focus on developing the West Side of Manhattan may come at the expense of Lower Manhattan rebuilding efforts. Silver’s comments come one week after the city struck a deal with the Metropolitan Transit Authority concerning development rights atop the West Side railyards and payment for the extension of the 7 subway line.

MTA Board Wants Private Bids but City Still Gets Control

Thursday, September 28, 2006 | NY1 | Topic: Politics & Government

MTA board unanimously approved a plan Thursday to put the West Side Rail Yards site out to bid to private developers. The MTA will receive bids in the spring. The city will not become the developer of the site as had been considered, but will be able to set planning and design guidelines for the site and use tax revenue from whatever’s built to cover the $2.1 billion costs of extending the 7 subway.

Critics of City's Offer Want Private Developers to Bid

Friday, September 15, 2006 | New York Sun | Topic: Land Use

At a public hearing yesterday, Assemblyman Richard Brodsky grilled MTA chairman, Peter Kalikow, over the wisdom of accepting the city's bid of $500 million. The City defends the offer by citing additional benefits to the MTA like support for the No. 7 subway extension.

MTA's Appraisal 3 Times the City's Offer

Friday, September 01, 2006 | New York Times | Topic: Land Use

Bloomberg's plan to buy MTA's West Side railyard was complicated when the MTA, which owns the railyards on both sides of 11th Avenue between 30th and 33rd Streets, received an appraisal this week that pegged the value around $1.5 billion.

Spitzer On West Side Railyards

Saturday, August 19, 2006 | New York Times | Topic: Politics & Government

Gubernatorial candidate, Eliot Spitzer criticized the city’s plan to buy the West Side railyards from the Metropolitan Transportation Authority for $500 million. Spitzer suggests an appraisal of the 26-acre lot followed by an auction to the highest bidder. Spitzer’s statements put him directly opposed to the Bloomberg administration who believes securing the property would be imperative for the development of the Far West Side.

Critics Ready To Weigh In On Tax Incentives

Thursday, August 03, 2006 | New York Sun | Topic: Politics & Government

At a hearing today, critics will question the city's plan to provide hundreds of millions of dollars in tax breaks to help develop a new office district on the far West Side of Manhattan. Some say improving the area's transportation by extending the no. 7 subway line and the recent rezoning of the neighborhood should be enough to entice developers.

Infamous Developer Buying On West Side

Wednesday, August 02, 2006 | New York Observer | Topic: Land Use

Baruch Singer, who owns dozens of tenement buildings in the city’s poorer neighborhoods, has spent $61.7 million dollars with his partners on five lots on or near 11th Avenue since last December.

Local Politicians Standing With the Mayor

Friday, July 28, 2006 | The Villager | Topic: Economic Development

Council Speaker Quinn, joined the mayor in proposing that the city pay the Metropolitan Transportation Authority $500 million for development rights over the yards. The plan would generate $60 billion in new tax revenues over the next 30 years

Round Two: Bloomberg and West Side Development

Thursday, July 27, 2006 | New York Times | Topic: Politics & Government

State officials approved a $1.7 billion expansion of the Javits Center, meaning that construction is likely to begin this year. Along with MTA’s negotiation with the City about selling the West Yards, the Bloomberg administration is closer to realizing an alternative development plan for the Far West Side.

Rail Yards Resolution Gets MTA Approval

Thursday, July 27, 2006 | New York Sun | Topic: Transportation

The Metropolitan Transportation Authority voted yesterday to negotiate to sell development rights on Manhattan's West Side to New York City. It allows chairman Peter Kalikow and executive director Katherine Lapp to discuss plans for the extension of the no. 7 subway line.

MTA's Ready to Deal

Wednesday, July 26, 2006 | New York Daily News | Topic: Politics & Government

The MTA today is expected to seek authorization to strike a development deal for its West Side railyard with the Bloomberg administration. The city has offered $500 million for the property and has taken the position that securing the land is necessary for the future development of the Hudson Yard project and the No. 7 subway line.

Union Challenges MTA on West Yards Deal

Monday, July 24, 2006 | New York Sun | Topic: Transportation

Roger Toussaint, President of Local 100 TWU, and the staff attorney for the Straphangers Campaign, Gene Russianoff, are concerned about the low selling price of West Yards, and they have asked the MTA chairman, Peter Kalikow to postpone the deal.

Spitzer Is Critical of City's West Yard Offer

Saturday, July 08, 2006 | New York Times | Topic: Politics & Government

Elliot Spitzer says the city's offer of $300 million for the development rights to the western yard, and $200 million for 3.42 million square feet of unused development rights from the eastern yard is an unfair offer.

City Goes After West Side Stadium Property Again

Friday, July 07, 2006 | New York Post | Topic: Politics & Government

The city yesterday offered to pay the Metropolitan Transportation Authority $500 million for the right to develop a West Side rail yard that was once the proposed site of a football stadium for the Jets. So far it has not been announced what the plan is for the property.

The City that Never Sleeps – On Sports

Monday, April 10, 2006 | Gotham Gazette | Topic: General

New York is on its way to becoming sports central with the possible adoption of nine new projects all to build major game venues. The Yankees, Mets, Knicks, Rangers, Jets, Giants, Devils, Islanders and soon to be Brooklyn Nets, all have plans to construct new arenas in and around the city. Officials say it will boost the economy while locals object to losing park space and increased traffic.

Arena Upgrades All Around

Friday, April 07, 2006 | New York Sun | Topic: Economic Development

It has been 25 years since New York has seen a new professional sports venue. Now, virtually every team in the city is aspiring to move to a new facility. The Yankees, Mets, Jets, Giants, Knicks, Nets, Rangers, Devils, Islanders, and NASCAR have all indicated their intention to upgrade their current facilities.

A service of the Furman Center for Real Estate and Urban Policy at New York University

A capstone project of the Robert F. Wagner Graduate School of Public Service

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