An agreement was recently reached between New York City and Related Companies to add nearly 50 percent more affordable housing units to Hudson Yards West, a new mixed-use development in Manhattan. Phase 2 of the project will now include approximately 4,000 residential units, with at least 625 designated as permanently affordable, an increase from the previously proposed 420 units. In addition, 139 existing units nearby will be preserved as permanently affordable. The $12 billion phase is part of the broader Hudson Yards development, now estimated to cost $32 billion in total, making it the largest real estate project in U.S. history.
Beyond residential space, then phase will introduce 6.6 acres of open space, a new 750-seat K-8 school, and a daycare facility. Construction of a platform over the Western Rail Yards will be funded through future tax revenues generated by the development itself. The city and Related Companies project the creation of 35,000 temporary jobs during construction.
Rendering of Hudson Yards, via hudsonyardswest.com
Transit near Hudson Yards West will include the 34th Street–Hudson Yards station on the 7 train, with additional access via Penn Station.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Now that’s some nice open space. Actual greenery. Not the giant slabs of concrete that characterize most open spaces in the city.
Putting “affordable” units in the most expensive neighborhood of Manhattan. Amazing huh
I don’t mind the heavy emphasis on affordible here since the neighborhood is being created from scratch.
The same initiative and insistence on making a quarter of the units affordible in some tony UES pocket would be crazy.
currently, that part of Hudson Yards is more expensive than the vast majority of UES. I am not against giving back but why assign the aforementioned “affordable” units in arguably the most pocket of Manhattan?
What is the timeline for this? Decades?
So they shouldn’t do it because it doesn’t fit your timeline?
I mean, it’s gonna take a while. So did phase one. You know the complicated and most expensive real estate development in US history and all those trivial details including building a deck over working rail yards.
Doesn’t putting affordable housing is these units, just make the rest of the units, less affordable? Are they rental, so the delta between market and the affordable rate is just dispersed between the market rate units, as the developer/owner isn’t going to lower their return profile.
Not sure your fixing anything here.
Also, how do you monitor? If you cross the the threshold on affordable housing, how do you get the person out? Seems a flawed system?
I cannot believe people are on here criticizing the affordable housing component in a brand-new neighborhood being built over rail yards. It’s a mind-numbing overthinking of the issue.