NY Observer > Hudson Yards

Brodsky Seeks Tell-All Report on Every Mega Project in the City

Eliot Brown — Wed, 23 Apr 2008 16:03:21 -0400

Almost every time I’ve called Assemblyman Richard Brodsky about a story in the past few months, he interrupts me in my first question.

“You wanna know the story you should be doing?” he states, then goes into a diatribe on how the billions in initiatives on the far West Side are an unstable set of dominoes, all liable to topple.

My response—while the projects seem on shaky ground, there’s not enough hard figures or examples to show that things indeed are going to hell—may soon become invalid.

Now Mr. Brodsky, the chairman of the Assembly committee that oversees state authorities and corporations, is taking legislative action to provide more transparency with these projects. read more »

Former MTA Chief to City Council: Watch the Debt

Kaitlin Bell — Fri, 15 Feb 2008 15:15:14 -0500

Letting local development corporations issue lots of debt for major projects like Hudson Yards could end up sticking the city with a hefty bill, a former chairman of the Metropolitan Transportation Authority warned City Council members today.

Dick Ravitch, who brought in billions in capital financing for the MTA in the 1980's, cautioned that if the residential and commercial developments don't bring in as much money as projected, the city might be stuck with the debt. read more »

A Sudden Round Two on Rail Yard Bids?

Tom Acitelli — Sun, 03 Feb 2008 21:14:34 -0500

The New York Times' Charles Bagli reported over the weekend that the Metropolitan Transportation Authority has asked the five bidders for the West Side rail yards to submit a new round of bids. Apparently, the MTA would like to now lease for 99 years the 26 acres of rail yard rather than sell it. The MTA, the yards' landlord, would also like an "equity-type interest" in any project built on the site on the far West Side of Manhattan.

The new bids are due by Feb. 19. read more »

Hudson Yards.... The Countdown Begins

Tom Acitelli — Mon, 28 Jan 2008 16:40:35 -0500

Above is the former exhibit space for the five Hudson Yards development bids. The space, at Vanderbilt Avenue and 43rd Street near Grand Central Station, has been empty since December, and looked particularly cold today.

The board of the Metropolitan Transportation Authority, the Yards' owner, is supposed to start considering next month which of the five bids wins the development rights to the 26-acre site.

Doctoroff on Hudson Yards: 'Maybe New York's 21st-Century Rockefeller Center'

Tom Acitelli — Fri, 07 Dec 2007 14:00:30 -0500

More from The Observer's February interview at City Hall with outgoing deputy mayor for economic development Daniel Doctoroff.

Location: What about Hudson Yards? The city and the M.T.A. are preparing bids for the eastern and western yards at the same time. What sort of thing will be built there? read more »

West Side Rail Yards Proposal No. 5: The Speyers Go Roman

Matthew Schuerman — Mon, 19 Nov 2007 17:16:18 -0500

The Tishman Speyer plan looks, in comparison to Extell’s eclecticism or Brookfield’s urbanism, downright conservative (or, if you prefer, stately). It is not enormously high (about 1,000 feet), and is almost perfectly symmetrical along an east-west axis. The towers grow progressively smaller as they move to the west.

Its edge comes from the money behind it: the Speyers joined up with Morgan Stanley in a 50-50 partnership, and the investment bank will own its own 3-million-square-foot building. That’s the one in the right rear in the above picture. The fountain area is called “The Forum”; in the foreground stands what Tishman-Speyer/Morgan Stanley is calling “The New York Steps.”

Having a bank as a main tenant is nothing like having an international, multimedia company around, nor even a sexy magazine publisher, but maybe that’s what people are talking about when they compare the greater Hudson Yards neighborhood to Canary Wharf in London. With just 3,000 apartments (300 of which are affordable) and 10 million square feet of office, Tishman Speyer’s proposal leans more heavily commercial than any of the others. Despite the fact that financial firms work around the clock, somehow this bid does not seem like it will do much for the nightlife along the Hudson.

The designer, Helmut Jahn, has done sweeping statements for Jerry Speyer before--consider the Sony Center in Berlin--and maybe he will here again, after the bid gets through committee.

“We think that by having our tenant and partner pretty much guarantees the success of the project,” Mr. Speyer said. “We have a tenant. We have the capital. We’re ready to buy the land and to do what needs to be done.”

West Side Rail Yards Proposal No. 4: Extell Creates a Valley

Matthew Schuerman — Mon, 19 Nov 2007 16:26:55 -0500

Extell Development’s architect, Steven Holl, came up with the idea of building a very low suspension bridge over the West Side Rail Yards instead of a deck that would be supported by piers scattered among the tracks. That way, workers would only have to tinker along the north and south edges of the site, leaving the rail yards to function normally underneath them.

“I think we are the only project that is really minimally invasive with the Long Island Rail Road, with the MTA operations, and I think we will have a much lower cost of construction as a result,” said Extell’s founder Gary Barnett. “You know you don’t have to put a billion dollars or more into a platform up front.” read more »

West Side Rail Yards Proposal No. 3: Brookfield Reinstates the Streets

Matthew Schuerman — Mon, 19 Nov 2007 15:18:03 -0500

Brookfield Properties, a giant landlord that keeps a lower profile than some of the city’s single-engine developers, did not come into the West Side Rail Yards competition with an anchor tenant. It did, however, come in with a whole bevy of design firms—seven in all—that proceeded to break just about every rule or convention that was set out for them.

The result is a plan that—forgive the hypothetical—Jane Jacobs would like (online here). It reinstitutes part of the street grid on the two massive superblocks between 30th and 33rd streets. Hotels create a street wall along 11th Avenue where other plans prescribe a park. The intent, according to Brookfield, is to link the new neighborhood with the rest of the city—including with a parcel Brookfield is developing on the eastern side of 10th Avenue. read more »

West Side Rail Yards Proposal No. 2: Durst-Vornado Floats, Moves, Relocates People

Matthew Schuerman — Mon, 19 Nov 2007 13:18:45 -0500

The joint proposal for the West Side Rail Yards by the Durst Organization and Vornado Realty Trust is obsessed with getting people to the far West Side. The developers propose a subterranean “people mover” below 33rd Street that would carry up to 20,000 riders an hour from Penn Station to 11th Avenue (although it was not clear just who would pay for it); a pedestrian skyway that floats over the entire site and Hudson River Park; and a new headquarters for Condé Nast.

“We felt that we wanted to maintain the kind of porosity that we get in the best parts of the city,” said architect Rafael Pelli, who designed the plan along with FxFowle. “We are really trying to relate it to Union Square, Bryant Park or even a Times Square. We are thinking about how this is going to be a diverse and useful area and attract people from a greater catchment area rather than an enclave.”

The plan, one of five submitted to purchase the yards from the MTA, envisions four office or mixed-use towers, the tallest of which will be 1,205 feet tall. (It's online here.) The new Condé Nast headquarters would go at the southeast corner of 33rd Street and 11th Avenue. Overall, the plan is heavier on residential space than the other four proposals, with about 7,000 apartments, an unspecified number of which would be affordable.

A broad low-lying kunsthalle on the southeastern flank would house a cultural institution; its 120,000-square-foot floor plates, Mr. Pelli said, would be ideal for flower and antique shows (and, one might add, provide competition for the troubled Javits Convention Center expansion plan on the other side of 34th street).

The project, in keeping with Douglas Durst’s environmentally progressive reputation, includes a number of green features, among them a co-generation plant to capture the heat thrown off by generating electricity; a treatment plant that would allow the complex to reuse wastewater for plumbing purposes; and bris soleil, a type of awning that would shade out the summer light while letting in winter light.

Vornado, with its $18 billion in assets, is lending some financial heft to the bid.

“A lot will rely on the capital strength of the bidder,” Vornado Chairman and Chief Executive Steve Roth said. “I think it is obvious that this is an enormously complex project so the success of the project may ride and fall on the financial strength of the winning bidder; that will be a very important differentiating tactic.”

Big Guns Spend Sunday Selling West Side Plans

Matthew Schuerman — Sun, 18 Nov 2007 21:35:50 -0500

Probably never had so many of New York’s real estate elite crammed themselves into such a small space as happened Sunday afternoon at the press preview of proposals to develop the Western Rail Yards: Steve Roth, Stephen Ross, Jerry Speyer and his son Rob, Ric Clark, Gary Barnett, Steven Holl, Helmut Jahn and Rafael Pelli. S.I. Newhouse even dropped by, very casually dressed, as proof that if Mr. Roth’s bid won, he’d move Condé Nast west to 10th Avenue.

They all crammed themselves into a vacant storefront on West 43rd Street to show of their versions of New York’s future: towering buildings that will pack some 30,000 residents and workers into a six-square block area along the Hudson River, between 30th and 33rd streets. The architectural models themselves costs tens of thousands of dollars; the bids, submitted last month, ate up a few million, according to a number of developers.

Not surprisingly, the five teams talked a lot about how their particular plan creates a vibrant new neighborhood-- this, after all, is the retail version of the plans. No financials were disclosed, and the point is to try to curry favor with the public to create a popular favorite. The Metropolitan Transportation Authority--which, with the Bloomberg administration’s input, will choose the winner in the next few months--has got to pay more attention to how much money each team is offering, when they’d be able to pay it, and how likely they’d get it done.

“There are two or three of these that are done by teams that are really competent,” said Mr. Roth, “and in the end I think it's going to be the financial part of the deal that is going to differentiate them.”

Each of the plans profess to save the northern section of the High Line and promise to provide at least some affordable housing. The tallest buildings would stretch 1,000, 1,100, even 1,300 feet into the air. (The Empire State Building now clocks in at 1,250 feet.) The cost, according to a number of the developers, will likely come in between $10 billion to $20 billion, with completion anticipated in the early 2020’s

There were also plenty of wild and creative ideas, like, from Brookfield Properties, Diller Scofidio & Renfro's towers (pictured above) that are joined by a quarter-mile running track; mechanisms to reuse sullage for irrigation; patent-pending technology to create a better platform over the rail yards; a movie screen on which 20th Century Fox could premiere new films; and so on.

The exhibit of the five proposals, which includes architectural models, displays and videos, will be open to the public every day for the next two weeks, from 8 a.m. to 8 p.m., starting today (with the exception of Thanksgiving). The address is 335 Madison Avenue, although the storefront is really located at the northwest corner of 43rd Street and Vanderbilt Avenue. Comment cards will be available for visitors to give input.

The Real Estate will post synopses of the five designs throughout the day. read more »