DOCSLIB.ORG

One of Manhattan's Largest Availabilities

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
One of Manhattan's Largest Availabilities One of Manhattan’s Largest Availabilities SUBLEASE DETAILS FLOOR SIZE Entire 14th Floor 50,464 RSF Entire 13th Floor 56,336 RSF Entire 12th Floor 56,150 RSF Entire 11th Floor 57,279 RSF Entire 10th Floor 56,730 RSF Entire 9th Floor 59,796 RSF Entire 8th Floor 59,329 RSF Entire 7th Floor 60,295 RSF Entire 6th Floor 60,290 RSF Entire 5th Floor 61,113 RSF Entire 4th Floor 61,139 RSF TOTAL 638,921 RSF ASKING RENT TERM Upon Request Through April 30th, 2035 COMMENTS • Floors feature 5 sides of windows and great ceiling heights - Slab heights just under 14 feet • Steps from Penn Station and Herald Square • Major office tenants include: Madison Square Garden, AMC Networks and Macy’s • Telecom: Verizon/ XO Communications, Cogent, MCI/ Verizon Business, Everest Broadband, Time Warner Cable, Light Tower, Cablevision • On-site messenger center stacking plan RSF ELEVATOR BANK TENANT - RSF (LXD) 4,561 23 AMC Networks 14,500 22 AMC Networks 14,500 21 AMC Networks 22,300 20 AMC Networks 24,114 19 AMC Networks 42,137 18 AMC Networks 43,687 17 AMC Networks 44,611 16 AMC Networks 44,611 15 AMC Networks 50,464 14 Macy’s (4/2035) 56,336 13 *Controlled Macy’s (4/2035) solely by Macy’s 56,150 12 Macy’s (4/2035) 57,279 11 Macy’s (4/2035) 56,730 10 Macy’s (4/2035) 59,796 9 Macy’s (4/2035) 59,329 8 Macy’s (4/2035) 60,295 7 Macy’s (4/2035) 60,290 6 Macy’s (4/2035) 61,113 5 Macy’s (4/2035) 61,139 4 Macy’s (4/2035) 60,976 3 MSG Holdings 54,090 2 AMC Networks TOTAL 1 2 3 4 1 C 8 C 4 C 7 C ar ars ars* ars 1,009,008 11 PENN PLAZA | RECEPTION & AMENITY W 32NDW 32ND STREET RENDERING | RECEPTION 7TH AVE 7TH AVE W 31STW 31ST STREET 11 PENN PLAZA | MEETING & COLLABORATION W 32NDW 32ND STREET RENDERING | MEETING + COLLABORATION 7TH AVE 7TH AVE W 31STW 31ST STREET 11 PENN PLAZA | OPEN WORK & BREAKOUT W 32NDW 32ND STREET RENDERING | OPEN WORKSPACE 7TH AVE 7TH AVE W 31STW 31ST STREET TYPICAL FLOOR PLAN | TECH COMPANY proposed test fit pg . 2 / 4 OPTION 1 | MEDIA / TECH COMPANYDRINK, DINING ETC. W 32ND STREET Open workstations Meeting spaces / Team rooms Reception / Event / Open meeting Pantry / Food service areas Private offices / Individual focus TOTAL HEADCOUNT: 390 • 390 OPEN WORKSTATIONS • NO PRIVATE OFFICES 7TH AVE 124 SF / PERSON W 31ST STREET 11 PENN PLAZA | FIT PLAN OPTIONS | 190023.00 APRIL 11, 2019 TYPICAL FLOOR PLAN | PROFESSIONAL SERVICES FIRM proposed test fit pg . 3 / 4 OPTION 2 | PROFESSIONAL SERVICES FIRM DRINK, DIN- W 32ND STREET Open workstations Meeting spaces / Team rooms Reception / Event / Open meeting Pantry / Food service areas Private offices / Individual focus TOTAL HEADCOUNT: 322 • 285 OPEN WORKSTATIONS • 37 PRIVATE OFFICES 7TH AVE 150 SF / PERSON W 31ST STREET 11 PENN PLAZA | FIT PLAN OPTIONS | 190023.00 APRIL 11, 2019 TYPICAL FLOOR PLAN | ADVERTISING AGENCY proposed test fit pg . 4 / 4 OPTION 3 | ADVERTISING AGENCYDRINK, DINING ETC. W 32ND STREET Open workstations Meeting spaces / Team rooms Reception / Event / Open meeting Pantry / Food service areas Private offices / Individual focus TOTAL HEADCOUNT: 293 • 247 OPEN WORKSTATIONS • 46 PRIVATE OFFICES 7TH AVE 164 SF / PERSON W 31ST STREET 11 PENN PLAZA | FIT PLAN OPTIONS | 190023.00 APRIL 11, 2019 TYPICAL FLOOR | CORE & SHELL floor plan Neighborhood Map 30 HUDSON YARDS 50 HUDSON YARDS FARLEY POST OFFICE THE SPIRAL 11 PENN PLAZA 1 MANHATTAN WEST 35 HUDSON YARDS 2 MANHATTAN WEST 441 NINTH AVENUE 55 HUDSON YARDS 3 HUDSON BOULEVARD JAVITS CENTER Convention Center MORGAN POST OFFICE | NORTH WESTERN YARDS THE EUGENE 15 HUDSON YARDS 450 WEST 33RD STREET (5 Manhattan West) CULTURE SHED 10 HUDSON YARDS RETAIL Neiman Marcus THE HIVE FACT SHEET CONTACT BUILDING CONSTRUCTION: FLOORS: SCOTT GOTTLIEB Steel Frame 23 +1 212 984 8350 [email protected] LOADING DOCKS: SLAB-TO-SLAB CEILING HEIGHTS: 1 loading down on the south side of the 1’6’ – 14’3” ROSS ZIMBALIST building +1 212 984 8162 GENERATOR: [email protected] EMERGENCY SYSTEMS: 1 Emergency Generator (125 KVA) 1 Emergency Generator (125 KVA) LIZ LASH ELECTRICAL CAPACITY (WATTS/USF): +1 212 895 0954 # OF FREIGHT ELEVATORS: 7 watts/sf usable [email protected] 2 ELEVATORS: HVAC: 21 passenger elevators and 2 freight elevators Building system provided to the floors from 8:00 am to 7:30 pm, Monday through Friday. SECURITY ACCESS: 24/7 Keycard Access; Closed circuit security BUILDING ADDRESS: cameras surveil the premises. 150 West 32nd Street New York, NY 10001 TELECOM SYSTEM: Verizon/ XO Communications, Cogent, MCI/ LOCATION: Verizon Business, 11 Penn Plaza Everest Broadband, Time Warner Cable, Light Between 31st and 32nd Street along Seventh Tower, Cablevision Avenue TRANSPORTATION: OWNERSHIP: Building is located steps away from Penn Vornado Realty Trust Station (A C E, 1 2 3 subway lines, and NJ Transit and LIRR) and Herald Square (N Q R LEASING AGENT: Q, B D F M subway lines) Vornado Realty Trust SUSTAINABILITY: PROPERTY MANAGER: Building is Silver Leed certified Vornado Realty Trust COLUMN SPACING: BUILT: Approximately 20 feet 1923 BATHROOMS: RENOVATIONS: 2 per floor except 9 (1 men’s/2 women’s) 1991 – renovations started in 2012 and was completed in 2015, with ADA. FLOOR SIZES: Ground – 9th Fl: Approx. 60,000 RSF FLOOR LOAD CAPACITY (LBS/SF): 10th Fl – 13th Fl: Approx. 57,000 RSF 120 lb/sf 14th Fl: Approx. 50,000 RSF 15th Fl – 18th Fl: Approx. 43,000 RSF # OF ELECTRICAL CLOSETS PER FLOOR: 19th Fl – 20th Fl: Approx. 23,000 RSF Most floors have 5 but 10-14 have 6 22nd Fl – 23rd Fl: Approx. 14,500 RSF 23rd Fl: Approx. 4,500 RSF BICYCLE STORAGE: Total: 1,009,008 RSF If employees ride to work, there is a bicycle rack in the loading dock. © 2019 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk..
Load more

Recommended publications
  • How Related Leased 7 Million Square Feet of Office Space at Hudson Yards
    How Related leased 7 million square feet of office space at Hudson Yards March 19,2019 | by Rebecca Baird-Remba When Related Companies began searching for tenants to fill its first, 1.8-million-square-foot office tower at Hudson Yards in 2011, its leasing brokers had to convince companies to move to a neighborhood that was still a hole in the ground. The development firm was in the middle of decking over the 26-acre West Side rail yard and laying the foundations for the first phase of its sprawling, mixed-use development, which would eventually encompass 18 million square feet of commercial and residential space. Stephen Winter, a senior vice president at Related who has led much of the office leasing at Hudson Yards, had to show CEOs that their workers would one day have access to dozens of casual lunch options and restaurants. One day, the hole in the ground would be home to a million square feet of retail—luxury retailers, fast fashion stores, food halls, five star eateries and interactive art exhibits. But none of it was built yet, and back then, asking tenants to lease hundreds of thousands of square feet at Hudson Yards was a gamble. “Six, seven years ago, we had to break through doors and be as persistent as ever,” Winter explained. “It was a totally new place for everyone. It was a blank slate, an open piece of land with rail yards beneath it.” He gave “credit where credit was due” to the first crop of tenants who signed on to 10 Hudson Yards, including Coach, L’Oreal and SAP, which opened as the development’s first office building in 2016.
    [Show full text]
  • 55 Hudson Yards
    PTI Journal Technical Session Papers 55 HUDSON YARDS By FLORIAN AALAMI Authorized reprint from: December 2017 issue of the PTI Journal Copyrighted © 2017, Post‐Tensioning Institute All rights reserved. TECHNICAL SESSION PAPERS 55 HUDSON YARDS BY FLORIAN AALAMI INTRODUCTION will include more than 17 million ft2 (1.6 million m2) of Hyperstatic forces were recently used to resolve a commercial and residential space, state-of-the-art office major challenge facing the structural design of 55 Hudson towers, more than 100 shops, a collection of restaurants, Yards, a Manhattan, NY, high-rise that will be partially approximately 4000 residences, 14 acres (5.67 ha) of constructed over and supported by an existing structure public open space, and a 750-seat public school. Half of (Fig. 1). The design scheme required the columns of the the project extends over an existing rail yard; the 30 active existing structure to provide partial support for the new train tracks are slowly being covered by a massive plat- construction. The challenge was to match the anticipated reactions of the new construction, which are governed by the building’s architectural design and construction scheme, to the location and capacity of the columns of the existing structure. While the combined capacity of the columns of the existing structure could support the weight of the new construction, the distribution of the reactions from the new construction was considerably different from the capacities of the existing supports. Among the several options explored, the use of post-tensioning configured to generate a set of hyperstatic reactions so that the reac- tions from the new structure matched the capacity of the existing supports proved to be the most practical and effective scheme.
    [Show full text]
  • Press Release
    Press Release Elevator Technology 24.09.2018 Page 1/4 The next Mega Project: thyssenkrupp confirmed as official vertical transportation provider for the Hudson Yards development in New York • Up to 40 TWIN elevators, the world’s only elevator system with two independently operating cars in one shaft, will be installed at 50 Hudson Yards, saving significant space and energy while improving travel times. • More than 100 elevator and escalator units will be installed at Hudson Yards, all featuring the industry’s first predictive maintenance system, MAX. thyssenkrupp Elevator, a world leader in urban mobility solutions, has been contracted by Hudson Yards to design and install up to 40 TWIN elevator systems for its 50 Hudson Yards building; 27 elevators for the 55 Hudson Yards building; and 12 elevator and escalator units for The Shed. Hudson Yards is the largest private real estate development in U.S. history and the largest development in New York City since Rockefeller Center. The site will include more than 18 million square feet of commercial and residential space, state-of-the-art office towers, more than 100 shops and approximately 4,000 residences. thyssenkrupp will also provide its elevator predictive maintenance service MAX, the industry’s first cloud-based solution, set to reduce elevator downtime by half. According to Andreas Schierenbeck, thyssenkrupp Elevator CEO, “We are transforming the industry with groundbreaking mobility solutions that address the critical elements for a sustainable urbanization, space availability and transport efficiency. We are very proud for having been selected by Hudson Yards for this mega project, it shows how much building developers are acknowledging our efforts.” Fifty Hudson Yards is a 300-m tall building, designed to become the fourth largest commercial office building in Manhattan when completed in 2022, and is the centre piece of the Hudson Yards development in Manhattan’s West Side.
    [Show full text]
  • Hudson Yards 2019-30HY Mortgage Trust Table of Contents
    JUNE 2019 STRUCTURED FINANCE: CMBS PRESALE REPORT Hudson Yards 2019-30HY Mortgage Trust Table of Contents Capital Structure 3 Transaction Summary 3 Rating Considerations 5 DBRS Viewpoint 5 Strengths 6 Challenges & Considerations 6 Property Description 8 Tenant and Lease Summary 9 Market Overview 10 Local Economy 10 Office Market 11 Office Submarket Description 12 Competitive Set 13 5 Manhattan West 13 55 Hudson Yards 13 10 Hudson Yards 13 441 Ninth Avenue 13 1 Manhattan West 14 The Farley Building 14 50 Hudson Yards 14 Sponsorship 14 DBRS Analysis 15 Site Inspection Summary 15 DBRS NCF Summary 16 DBRS Value Analysis 17 DBRS Sizing Hurdles 17 Loan Detail & Structural Features 18 Transaction Structural Features 19 Methodology 20 Surveillance 21 Chandan Banerjee Edward Dittmer Senior Vice President Senior Vice President +1 (212) 806 3901 +1 212 806 3285 [email protected] [email protected] Kevin Mammoser Erin Stafford Managing Director Managing Director +1 312 332 0136 +1 312 332 3291 [email protected] [email protected] HUDSON YARDS 2019-30HY JUNE 2019 Capital Structure Description Rating Action Class Amount Subordination DBRS Rating Trend Class A New Rating – Provisional 348,695,000 35.831% AAA (sf) Stable Class X New Rating – Provisional 389,169,000 -- AAA (sf) Stable Class B New Rating – Provisional 40,474,000 28.383% AA (high) (sf) Stable Class C New Rating – Provisional 38,758,000 21.507% A (high) (sf) Stable Class D New Rating – Provisional 147,887,000 10.621% A (low) sf Stable Class E New Rating – Provisional 144,286,000 0.000% BBB (sf) Stable Class RR NR 30,320,000 0 NR Stable RR Interest NR 7,580,000 0 NR Stable 1.
    [Show full text]
  • Fur District’
    Nypost.com March 14, 2018 Well-heeled New Yorkers are flocking to the ‘Fur District’ By Emily Nonko Impressions 23,917,718 Simon Fagg recently moved to amenity-laden rental Abington House. It's just one of the projects energizing 30th Street, once the domain of 9-to-5ers. Zandy Mangold n In the 1970s, Bennett Model commuted to work on 30th Street at his family’s company, a buying office that purchased luxury outerwear for stores around the I world. At the time, the area was known as the Fur District: Between 30th and 27th streets and Sixth and Eighth avenues, “there were over 350 fur-related companies” — and not much else, says Model, now 70. It was unfathomable that the neighborhood would attract more than a 9-to-5 crowd; the swath south of Penn Station and the Empire State Building was dominated by Nypost.com March 14, 2018 commercial businesses and had nothing in the way of nightlife. “It wasn’t a place where people lived,” Model says. Today, developers are building 346 condo and rental units along 30th Street, from the Hudson to the East River, according to Halstead Property Development Marketing. New residents bullish on the area include Simon Fagg, a 42-year-old Brit who moved to a studio at 500 W. 30th St.’s Abington House in 2015. The shift was, of course, gradual. In the 1990s, Model witnessed fur companies getting priced out or taking business elsewhere, and warehouses were converted to loft apartments. These days, he observes, practically everything — the under-construction towers, the Kimpton Hotel Eventi (renovated in 2015), Nordstrom Rack (opened in fall 2017) and hip Till & Sprocket restaurant (a 2016 debut) — is different.
    [Show full text]
  • Q1 2016 New York Office Outlook
    Office Outlook New York | Q1 2016 Vacancy moves higher as large blocks are added to the market • The Manhattan office market showed signs of caution in the first quarter of 2016 as vacancy moved higher and renewal activity increased. • While there have been concerns about slower expansion in the tech sector—as a result of a potential pullback in venture capital—the TAMI sector remained strong in Midtown South. • Investment sales activity slowed in the first quarter of the year after a strong 2015 with 120 sales totaling $12.3 billion, down nearly 20 percent year-over-year. JLL • Office Outlook • New York • Q1 2016 2 New York overview The Manhattan office market showed signs of caution in the first comprised the majority of leasing activity. McGraw Hill Financial Inc. quarter of 2016 as vacancy moved higher and renewal activity—rather renewed at 55 Water Street in Lower Manhattan for 900,027 square feet than relocations and expansions—captured the bulk of top in the largest lease of the quarter. Salesforce.com subleased 202,678 transactions. Manhattan Class A vacancy rose as several large blocks square feet at 1095 Avenue of the Americas in a transaction that were returned to the market. The vacancy rate for Midtown Class A included a provision to replace MetLife’s name atop the building with its space increased to 11.6 percent, up from 10.4 percent at year-end own, in full view of highly-trafficked Bryant Park. In Midtown South, 2015. Average asking rents were also higher as a result of newer and Facebook continued its massive expansion in a 200,668-square-foot higher quality product becoming available.
    [Show full text]
  • Hudson Yards Takes Shape: New York's Newest
    BUSINESS | 12.15.2014 @4:16PM Hudson Yards Takes Shape: New York’s Newest Neighborhood Is Moving Full-Speed Ahead by Alicia Adamczyk Hudson Yards is transforming into one of the premiere destinations in New York City – and just might reinvigorate the city’s brick and mortar retail ecosystem in the process. The $20 billion, 28-acre development will bring more than 100 shops, fi ve state-of-the-art offi ce towers and an estimated 65,000 visitors a day to Manhattan’s West Side on some of the last undeveloped land on the island. All of this is expected to drive an estimated $3 billion in sales per year (and that’s before taking into account what will trickle down to businesses in Chelsea, SoHo and the surrounding areas). “We’re delivering a project here that’s going to enhance what’s already here,” says Kenneth Himmel, the president and Chief Executive Offi cer of Related Urban, the site’s developer. “It’s a complimentary statement.” Himmel says the space will have something for everyone: Exception- al cuisine and shopping will abut 14 acres of open public space and a Culture Shed that will accommodate large-scale cultural programming year-round, including Fashion Week, awards shows, art exhibitions and more. All of this is part of Phase I of the project, slated to be completed incrementally over the next fi ve years. “We’re really going to become a destination,” Himmel says. “The magic of what’s happening here is it’s got the best of all of the qualities that make a great downtown or a great destination project work … it takes the Hudson Yards from the northwest right retailers, the right restaurants, every part of this needs to come together the right way.” Himmel ensures the “hand-crafted” nature of everything — from the dining stalls in the Kitchens to the last retailer in the Shops – will lend an aura of exclusivity and sophistication to the project.
    [Show full text]
  • Cross Sections 2020 Volume 25 No.2
    crossMagazine for the Structural Engineers Association sections of New York 2020 VOLUME 25 NO. 2 2020 EiSE Awards SEAoNY 536 LaGuardia Place 2020 EiSE New York, NY 10012 www.seaony.org Awards Issue Officers (2019 - 2020) ENGINEERS' CHOICE AWARD James Vignola, P.E. President Bradford T. Kiefer, P.E. President-Elect Eugene Kim, P.E. Treasurer Jonathan C Hernandez P.E., SECB Past President Yunlu (Lulu) Shen, P.E. Secretary John Pat Arnett Samantha Brummell, P.E. Elizabeth Mattfield, P.E. Jennifer Anna Pazdon, P.E. Muhammad Rahal, P.E. 13 MINISTRY OF TAXATION THORNTON TOMASETTI Maya Stuhlbarg, P.E. Directors Publications Staff Daniel Ki & Phillip Bellis Co-Editors Eytan Solomon CONTENTS 2020 VOLUME 25 NO. 2 Kristen Walker Regular Contributors Valeria Clark, The Foley Group Graphic Designer 3 PRESIDENT'S MESSAGE 3 EDITOR'S MESSAGE On the Cover CharlesCHARLES LibraryLibrary LIBRARY - Temple - TEMPLE University UNIVERSITY 4 AWARDS TempleByBY LERA University By LERA Excellence in Structural Engineering (EiSE) Contact us at [email protected] 8 SEAoNY COOP Puerto Rico Check out previous issues at seaony.org/publications By Timothy D. Lynch PE and Vakhtang Tamasidze For advertising inquiries, please 10 IN MEMORIAM contact our Sponsorship Committee Dr. Ratay at [email protected]. By David Peraza, PE 2020 VOLUME 25 NO. 2 MESSAGES PRESIDENT'S MESSAGE (2019-2020) Welcome to SEAoNY’s Excellence in Structural Engineering Awards Issue of Cross Sections. Like so many other things during this challenging year, the EiSE Awards were delayed, but came together eventually. We had to cancel our annual Boat Cruise in June, and were thus unable to enjoy a nice evening of dinner and drinks, but we were able to have our Awards ceremony via Zoom in August.
    [Show full text]
  • Responses to Comments Received During Significant Action Process
    Responses to Comments Received During Significant Action Process for Proposed Transfer by Sale of Unused Development Rights from Piers 59, 60, and 61 and the Associated Headhouse in the Chelsea Section of Hudson River Park A. Overview On February 13, 2018, pursuant to the Significant Action process mandated by the Hudson River Park Act (as amended, the “Act”), the Hudson River Park Trust (“HRPT”) issued a public notice (the “Notice”) inviting public review and comment regarding the proposed transfer by sale of (1) 123,437.5 square feet of unused development rights from Piers 59, 60 and 61 and the associated headhouse in the Chelsea section of Hudson River Park (the “Granting Site”) to DD West 29th LLC for its construction of a new building at 601 West 29th Street (“project site A”) and (2) 29,625 square feet, or in the alternate, 34,562.5 square feet of unused development rights from the Granting Site to West 30th Street LLC for its development of a new building at 606 West 30th Street, or in the alternative 604 to 606 West 30th Street (“project site B”) (together, the “Air Rights Transfer”). In tandem with HRPT’s Significant Action process, a number of actions pertaining to the proposed Block 675 East Project were separately reviewed through New York City’s Uniform Land Use Review Procedure (“ULURP”), City Environmental Quality Review (“CEQR”), and the State Environmental Quality Review Act and its implementing regulations in 6 NYCRR Part 617 (“SEQRA”). The New York City Department of City Planning (“DCP”), acting on behalf of the City Planning Commission (“CPC”), was designated the lead agency for the required environmental review, and the Trust was named as an involved agency.
    [Show full text]
  • FY 2020 OFI YH 3.1.21.Xlsx
    ADDITIONAL SUPPLEMENTAL INFORMATION AFFORDABLE HOUSING REVENUE PROGRAM AFFORDABLE HOUSING REVENUE BOND PROGRAM NEW YORK STATE HOUSING FINANCE AGENCY Cash and Investments October 31, 2020 Debt Service Debt Bond Construction Service Interest Debt Service General Reserve Special * Special Proceeds Finance Reserve Reserve Redemption Revenue Reserve For Retention LOC Escrow Loan Loan Total Account Account Funds Funds Funds Funds Funds Replacement Accounts Accounts Account Account Sub-Account Cash held principally by Trustee and Depository$ 304,264,072 $ 2,594,703 $ 32,303,435 $ 4,247,945 $ 225,212 $ 212,213 $ 79,010,385 $ 10,615 $ 50,222,639 $ 9 $ 117,026,665 $ 17, 484,558 $ 324,539 $ 601,154 Investments (including accrued interest of $501,650): U.S. Treasury securities and obligations of government agencies 1,327,297,779 27,000,592 988,283,205 47,072,188 - - - 82,492,608 - - 39,801,022 - 34,553,870 108,094,294 Corporate notes and repurchase agreements 437,839 437,839 - - - - - - - - - - - - Total cash and investments$ 1,631,999,690 $ 30,033,134 $ 1,020,586,640 $ 51,320,133 $ 225,212 $ 212,213 $ 79,010,385 $ 82,503,223 $ 50,222,639 $ 9 $ 156,827,687 $ 17,484,558 $ 34,878,409 $ 108,695,448 * Special Loan Sub-account is designated for the deposit of mortgage repayments due on certain Mitchell Lama Mortgages AFFORDABLE HOUSING REVENUE BOND PROGRAM OF THE NEW YORK STATE HOUSING FINANCE AGENCY Mortgage Loan October 31, 2020 Cumulative Cumulative Mortgage Amount Principal Balance Project Loan Advanced Repayments Oct. 31, 2020 100 Chenango Place $
    [Show full text]
  • An Evaluation of the Costs and Benefits of New York City's Hudson Yards Redevelopment Project
    An Evaluation of the Costs and Benefits of New York City’s Hudson Yards Redevelopment Project Michael Meola Eric Kober Kei Hayashi March 13, 2019 An Evaluation of the Costs and Benefits of New York City’s Hudson Yards Redevelopment Project Michael Meola Eric Kober Kei Hayashi March 13, 2019 Executive Summary: • The City’s goal to transform the Hudson Yards District from a largely vacant, underdeveloped transportation and distribution zone into a vibrant mixed-use, medium to high density district of workers, residents and visitors is being achieved ahead of projections, with over 30 million square feet of new development completed or in construction since the rezoning in 2005 • The $3.5 billion infrastructure investment that the City made, or has committed to fund, through Hudson Yards Infrastructure Corporation (HYIC) bonds to facilitate this transformation is paying off as the essential first step to attract vast private investment in the District that otherwise would not have occurred • Tax abatements in Hudson Yards are consistent with long-standing City practice to stimulate development where it is not occurring, and have contributed to the viability of commercial development in a previously fringe location • City payments to cover interest on HYIC’s bonds from 2007 to 2018 totaled $358 million; it is now estimated that future revenues from the District will not only pay off the bonds but will generate more than $21 billion in net revenues to the City • The opening on March 15th of the Related/Oxford Hudson Yards Project, the largest in the City’s history, built over the MTA Rail Yard on a billion-dollar privately funded platform, is the symbol of this remarkably successful public/private development that evidences the enormous strength of the City’s economy • The MTA has received over $1.2 billion for its property over the MTA Rail Yard and retains valuable development rights that it will be able to sell in the future • Additional benefits to the City include extension of the No.
    [Show full text]
  • The Political Economy of Value Capture: How the Financialization of Hudson Yards Created a Private Rail Line for the Rich
    The Political Economy of Value Capture: How the Financialization of Hudson Yards Created a Private Rail Line for the Rich Danielle L. Petretta Submitted in partial fulfillment of the requirements for the Degree of Doctor of Philosophy under the Executive Committee Of the Graduate School of Arts and Sciences COLUMBIA UNIVERSITY 2020 © 2020 Danielle L. Petretta All Rights Reserved The Political Economy of Value Capture: How the Financialization of Hudson Yards Created a Private Rail Line for the Rich Abstract: The theory of value capture is simple to understand and easy to sell, promising self-fulfilling virtuous cycles of value generation, capture, and redistribution. Countless studies document value creation attributable to public interventions, providing guidance on the type and extent of potential benefits. Scholars too have set forth parameters for optimal value capture conditions and caution against common pitfalls to keep in mind when designing value capture plans. But even when utilizing the best advice, equitable redistribution of benefits rarely occurs in neoliberal economies, leaving municipalities struggling to meet the myriad of social needs and provide basic services for all their inhabitants. Invariably, capitalistic real estate states seek to financialize public assets for private gain. Nowhere is this more apparent in New York City today than in the outcomes thus far of one of the largest public-private developments in New York history at Hudson Yards. This dissertation documents the failure of the value capture scheme put in place at Hudson Yards which neither captured fair market value for the public, nor extracted much public benefit. The scheme aimed to leverage vast tracts of publicly-owned land above operational rail yards at the Far West Side of Manhattan.
    [Show full text]