It's interesting that people are complaining about Related's plan to cut back on the amount of luxury condos it plans to build. Nowhere in New York City are they demanding
more luxury condos be built. But the NIMBYs here are special. The one argument they could be making is that Related should offer more affordable units, but the fact that they haven't shows you they don't really care about that. Meanwhile, Hudson Yards remains the most expensive neighborhood in the city, and that's saying a lot...
https://www.propertyshark.com/Real-E...neighborhoods/
Quote:
As has been the case for nearly five years now, Hudson Yards was the #1 most expensive NYC neighborhood at a median sale price of $7.5 million, which was nearly one-third higher than its year-ago $5.75 million. Yet, sales were down 62% Y-o-Y, marking one of the most drastic sales drops among the city’s priciest neighborhoods.
SoHo and TriBeCa were next, completing the familiar leading trio of expensive NYC neighborhoods, even though their combined median sale prices would still be surpassed by Hudson Yards. At a median sale price of $3.1 million, SoHo was the #2 most expensive NYC neighborhood, despite a 13% decline, while TriBeCa was #3 at $2.9M. And, although TriBeCa’s pricing was nearly the same as it was one year ago, sales slowed 15%.
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Related has said it would take some time to build all of those luxury residential units, and you can see why. Meanwhile, commercial has done and continues to do very well for them in the Hudson Yards.