(Part 2 of a multi-part series on New York City’s Hudson Yards)
By Royce Pinkwater
Last week we took a big picture look at Hudson Yards, the exciting new neighborhood being created by Related Companies in Midtown Manhattan’s far west side. Today we want to zoom in and take a closer look at the residential component of the neighborhood.
“The Park Avenue of the 21st Century”
Hudson Yards is geared toward an affluent, younger, 21st Century crowd. In many ways it has been designed with millennials and their focus on work-life integration in mind. As one looks over the plans one sees a city within a city where live, shop, eat, work, and play all exist within walking distance.
And indeed, the current surrounding neighborhood, which has been growing five times faster than the rest of New York City is being generally populated by a young demographic – “single, educated, high income and from a more diverse range of industries than is typical of New York (around 20% are in tech, 35% in creative industries, and only 15% are in finance or law),” according to Fast Company.
This should be no surprise since the neighborhood is within walking distance of both Silicon Alley and the numerous tech and new media companies that have sprouted in proximity to Google’s nearby behemoth NYC office
Hudson Yards’ new residents will live in 5000 residences totaling nearly 6 million sq ft in nine residential towers and a 200-room Equinox luxury hotel.
15 Hudson Yards
Phase One of the project includes the first two towers, 15 Hudson Yards and 35 Hudson Yards, both of which are expected to open in 2018. Phase Two, the western half of the project will contain the rest of the residential space (up to seven residential towers comprising 4 million sq ft.), much of which is still in the design phase.
Beginning construction in three months is 15 Hudson Yards, an all residential tower that will sit at the southwest corner of the site, at the corner of 30th Street and Eleventh Avenue. Its north side will face inward toward a large 6.5 acre Public Square, while its south side rests along the High Line. Attached next door, forming part of its base, will be the Culture Shed, a magnificent new 6-story facility that will host cultural activities in art, performance, film, design, food, and fashion.
Designed by Diller Scofidio + Renfro and David Rockwell in collaboration with Ismael Leyva Architects, the 960,000 sq ft 15 Hudson Yards will contain 285 market-rate condos and 106 affordable rental units. At 70 stories and 910 feet in height, it will be one of New York’s tallest residential buildings, with magnificent views of Manhattan and the Hudson River.
Residents will have access to a specially curated suite of amenities, along with the spate of new luxury retail and fine restaurant options being planned. Hudson Yards’ The Restaurants will feature an assortment of local and international restaurants, curated by world famous chef Thomas Keller and Related’s Kenneth Himmel, who teamed to create Time Warner Center’s Per Se and Bouchon.
The construction of the condominium portion of the tower is being financed by an $850 million loan to Related by The Children’s Investment Fund, a London hedge fund run by Sir Christopher Hohn, a Brittish billionaire and philanthropist. The fund’s unusual name reflects the fact that it was created with a mandate to donate a portion of its profits each year to improving the lives of poverty stricken children in developing nations. The affordable rate units will be financed separately New York’s Housing Finance Agency.
35 Hudson Yards
One block north of 15 Hudson Yards, also adjacent to the Public Square, will be the Eastern Yards’ other residential tower, 35 Hudson Yards.
Designed by noted New York architect David Childs / Skidmore, Owings, and Merrill, 35 Hudson Yards will be a mixed use building 72 stories tall with 1.1 million sq ft. It is located almost directly in the center of the new neighborhood and will be the tallest residential building there. Indeed it will be one of the ten tallest towers in New York City, offering vistas in all directions.
35 Hudson Yards, image by Visualhouse
The building’s look has undergone many changes during the design process. The most recent renderings (see above) combine a light and airy feel with more traditional setbacks. It will also feature a cantilevered 80-foot observation deck that reaches out into the air, providing visitors with the startling experience of floating above the city.
While the building will contain all the premier features one would expect in a building of its pedigree, its most talked about feature is an 11-story, 200 room first of its kind Equinox-branded luxury fitness hotel, which will include a Ballroom, Sky Lobby, Spa, a 60,000-square-foot fitness center, and both indoor and outdoor swimming pools.
Quoted recently in The Wall Street Journal, Harvey Spevak, Chief Executive Officer of Equinox said, “Expanding our club business to hotels allows us to create and support offerings for a larger audience, as an always on lifestyle partner. We are experts in the art of life maximization, creating bespoke experiences, offering unparalleled services and always seeking to inspire through considered design.”
The New, New York
Indeed, Hudson Yards is perfectly emblematic of the vast changes transpiring in New York’s west side, changes that began with the creation of the High Line, an event that seemed fairly small at the time. It demonstrates the enormous possibilities that can develop when public and private investment combine with a unified vision of the future.
Join us next week, as The Pinkwater Report’s in-depth look at Hudson Yards focuses on the neighborhood’s exciting shopping and culinary offerings.