REBNY Seminar Reveals Future of the Far West Side

REBNY panel features key players including Hudson Yards Development Corp.’s Ann Weisbrod, Coach’s Todd Kahn,

Oxford Properties’ Dean J. Shapiro and Brookfield’s Philip Wharton

 

NEW YORK, October 24, 2013The Real Estate Board of New York’s (REBNY) commercial brokerage division came together on Tuesday, October 15th at REBNY’s Mendik Room for “Is West the Best?”, a seminar on the redevelopment of the Far West Side. Ann Weisbrod, President of Hudson Yards Development Corp., led the discussion on the benefits and features that are drawing developers, investors, tenants and ultimately home owners, renters, shoppers and tourists to the area. Panelists included: Todd Kahn, General Counsel and Senior Vice President of Coach; Dean J. Shapiro, Managing Director for Oxford Properties; and Philip Wharton, Sr. Vice President of Development for Brookfield Properties Corp.

The seminar kicked off with Ann Weisbrod presenting an overview of the Hudson Yards development plan. There will be 24 million square feet of new office space, 13,500 new units of housing, including almost 4,000 affordable units, one million square feet of new retail space and two million square feet of new hotels in the area between 30th and 42nd streets and west of Eighth Avenue.

With Hudson Park & Boulevard, the four-acre, tree-lined park -- now 85 percent complete according to Weisbrod -- the plan depicts what Philip Wharton calls “a new city on the west side”. The area is located at the intersection of Midtown going west and Chelsea going north, what he likes to call “North Chelsea” or “NoChe” for short.

Todd Kahn echoed the other presenters, supporting the prime location saying, “We are convinced that The High Line is a spine, bringing together the surrounding neighborhoods with Hudson Yards at the top.” Coach was the first commercial tenant to sign on for Related Companies’ first tower in Hudson yards.

Dean Shapiro described aspects that set Hudson Yards apart, calling it a legacy project. “It is the most accessible site in the region and New York’s fastest growing neighborhood; it has immense public infrastructure investment, 21st century office space and a dynamic mixed-use strategy,” he said.

The discussion also highlighted that the Hudson Yards development will create nearly 20,000 jobs in the construction of towers A, C, D and E. The numbers also apply to the expansive retail space being created which includes the fashion, cosmetic and tech tenants that have already laid claims to the development, in addition to the financial and media tenants that are expected to follow suit.

“Data shows that there are 25 square feet of retail space per person in the US, 10 in Manhattan, and there will be five in Hudson Yards,” stated Shapiro.

About The Real Estate Board of New York

The Real Estate Board of New York is the city’s leading real estate trade association with more than 13,000 members.  REBNY represents major commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the city’s real estate.  REBNY is involved in crucial municipal matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes and legislation.  In addition, REBNY publishes reports providing indicators of market prices for both the residential and commercial sectors. Please visit us online at www.REBNY.com

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