A veritable city within a city, Hudson Yards is rising quickly along the Far West Side of Manhattan. Situated in a once-forlorn industrial district, the area has now established itself as one of the hottest businesses addresses in New York City and home to marquee tenants like Time Warner, Coach, L’Oreal, SAP, Wells Fargo and VayneMedia. Thanks to the new 34th Street-Hudson Yards 7 train station, the area is much more accessible, increasing its attractiveness for potential tenants. The neighborhood, though, is still being developed and largely lacks most of the amenities that businesses look for in a new location. Here’s a quick look at the basics, advantages and disadvantages of this district, New York City’s newest neighborhood.
The neighborhood is located on the Far West Side of Manhattan, stretching roughly from 30th Street to 42nd Street from Eighth Avenue to the Hudson River. Its centerpiece is the Hudson Yards development itself, currently being constructed by the Related Companies. The new megaproject, built atop an active rail yard for the Long Island Rail Road, boasts more than 17 million square feet of office, residential, hotel, educational and cultural space as well as 14 acres of public parkland. The project’s first phase is due for completion in 2019, with the second phase aiming to be done by around 2024 or so.
The neighborhood generally offers more affordable office space compared to Midtown proper, making it a great deal for good lease deals. The district also offers surprisingly good transportation options, as the 34th Street-Hudson Yards 7 train station offers easy access 18 other subway lines as well as Grand Central Terminal. Penn Station, the largest rail hub in North America, as well as the Port Authority Bus Terminal are also within fairly easy walking distance too, making a commute from the suburbs simple. Connections to the New York metropolitan area’s three major airports are also fairly convenient as well. Ferry service and PATH trains on 33rd Street round out the district’s wealth of transit options.
Being a new development, signing a lease at this location allows intrepid companies to make their own mark on the area, a potentially attractive prospect for businesses looking for something new and fresh compared to Midtown or the Financial District. It’s also worth noting that the district offers millions of square feet of modern, state-of-the-art Class A office under construction, a godsend in a city with a rapidly aging office building stock and another key selling point for prospective tenants.
Perhaps the biggest drawback of the area isn’t what’s there now, but rather what’s not there. The district is still being redeveloped after many years of neglect, meaning that its largely bereft of amenities like top-rated restaurants, shops and bars.
Although the Related Companies’ Hudson Yards megaproject and the nearby Manhattan West development currently under construction by Brookfield Properties both promise to being millions of square feet of retail to the burgeoning neighborhood, it’s still several years off. For companies not willing to wait, this could be a serious issue. The neighborhood, despite the presence of the High Line and the new Hudson Park and Boulevard, also lacks greenery and public space.
Though still a work in progress, Hudson Yards has already established itself as an attractive business location, attested by its roster of big-name tenants. Though the district still largely lacks the amenities that most businesses look for when relocating, it more than makes up for these deficiencies with its affordable office space, excellent transit options and fresh appeal.