Dive Brief:
- Hudson Yards developer Related Companies has filed initial plans for a portion of a proposed 58-story "supertall" office tower, which could be the latest addition to the mammoth mixed-use project, according to Curbed New York.
- When complete, the 2.9-million-square-foot 50 Hudson Yards skyscraper would rise 985 feet, with three sections divided by outdoor terraces.
- Related and co-developer Oxford Properties Group have filed paperwork only for a 12-story component so far, which will feature two floors of retail and other tenant amenities topped by 10 stories of office space.
Dive Insight:
The Foster + Partners-designed skyscraper will join other Related Hudson Yards projects such as 10 Hudson Yards, the first completed structure of the development, as well as the in-progress 51 Hudson Yards office tower and the luxury residential skyscraper, 15 Hudson Yards.
Hudson Yards has helped Manhattan maintain its position as the leader in New York City construction and development. The borough was the site of almost 60% of the value of all construction starts from January through September of 2016 and from 2011 to 2015, according to a November report form the New York Building Congress. However, the NYBC also noted that construction activity is picking up in Brooklyn and Queens, with several projects — both residential and commercial — slated to begin in those areas in 2017.
But there is little doubt that Hudson Yards will continue to be a major driver of development in Manhattan. Hudson Yards is projected to create an almost $19 billion economic boon for New York City by the time the development is complete, and, according to the Real Deal, the MTA will take in $1.78 billion in lease payments and air rights for the project, plus $89 million each year after it is complete.
