50 Hudson Yards (The “Facility”)
NYCIDA PROJECT COST/BENEFIT ANALYSIS January 5, 2017 APPLICANT PROJECT LOCATIONS 50 HYMC Owner LLC 503, 507-511 West 33rd Street 60 Columbus Circle 413, 427 10th Avenue New York, New York 10023 504-514, 516-520 West 34th Street New York, New York 10001 A. Project Description: 50 HYMC Owner LLC is a joint venture between The Related Companies, L.P., a real estate development company and Oxford Properties Group, Inc., a real estate investment firm (the “Company”). The Company is seeking financial assistance for a Hudson Yards Commercial Construction Project (the “Project”). The Company seeks financial assistance in connection with the construction of an approximately 2,800,000 gross square foot, class-A office building, which will include approximately 50,000 gross square feet of retail space, to be known as 50 Hudson Yards (the “Facility”). Total Project costs are estimated to be $3.94 billion with $900 million for land costs, $1.69 billion for construction hard costs, and $1.350 billion for construction soft costs. The Agency conducted an analysis based on information supplied from the Company and estimated that during construction, the Project will generate approximately 7,479 additional net new construction jobs to the city economy and approximately 3,345 net new tenant jobs as a result of operations to the city economy. It is anticipated that there will be 12,972 direct construction jobs as a result of the Project and at full occupancy, it is estimated that over 7,471 people will be employed at the Project in office, retail, and building services.
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