Posted Apr 25, 2025, 5:47 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,199
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Old compared to new...
https://www.hudsonyardswest.com/hudson-yards-west
Quote:
Up To 4,000 Residential Units for New Yorkers
The expansion is made possible by an innovative public-private financing structure with precedent at Hudson Yards. By creating a payment-in-lieu-of-taxes (PILOT) program to leverage incremental property taxes, Hudson Yards West can overcome financial challenges of the site, including the necessary construction of a $2 Billion platform over the existing railyards. The program, which will finance the construction of the platform and infrastructure for LIRR, will then make it viable to replace a previously planned office tower with two new residential towers. In sum, this would allow for the creation of up to 4,000 total housing units on the site.
A similar financing model under the Hudson Yards Infrastructure Corporation (HYIC) was used to facilitate economic development at the eastern portion of the site, including the No. 7 train expansion and a new public park. That program did more than improve local infrastructure: it has already remitted more than $500 million in excess revenue to New York City due to the economic success of Hudson Yards, with an additional $2 Billion forecasted to be remitted by 2028.
If approved during the zoning process, Hudson Yards West would now be among the largest additions to Manhattan’s housing stock in decades.
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NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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