[NYguy]

A little more on specifics from Related...


https://www.related.com/press-releas...evelop-western

City Council approves financing that enables historic plan to develop the Western Railyards, substantial increase in housing


Jun 30, 2025

In a culmination of the decades-long vision to revitalize Manhattan’s far West Side, the New York City Council today approved the payment-in-lieu-of-taxes PILOT model following the approval of the zoning modifications needed to develop the next phase of Hudson Yards atop the Western Railyards.

This financing structure will fund a $2 billion platform over the active rail lines, unlocking the site for housing and open space without diverting city operating dollars. The approval is a result of more than a year of community engagement and feedback over the proposal and cements a historic agreement between City Hall, the New York City Council, and Related Companies/Oxford Properties Group.

The next phase of Hudson Yards will be among the largest injections of housing into the Manhattan market in decades. The full plan includes:


-Creating up to 4,000 new homes on the site, a significant increase from the initial plan

-Designating at least 625 units as on-site affordable housing, with a commitment to make 25% of all rental apartments on site affordable if 485-x is applicable

-Expanding the overall affordable housing associated with the Hudson Yards project to 1,734 units created or preserved

-Unlocking 6.6 acres of public green space, including a children’s playscape, dog run, and one-acre open lawn adjacent to The High Line — an element consistent with the community’s vision in the original 2009 zoning

-A new 2.4 million square foot office tower and a world-class hotel

-A new K-8 Public School and daycare facility

-Reducing podium height and density on the northern side of the site

-Generating 35,000 union construction jobs

-Delivering more than $2 billion in revenue for the MTA and New York’s subways

The platform infrastructure and open space in the plan will be financed through a proven PILOT model that leverages incremental property taxes created by the project. This model has precedent in funding infrastructure improvements in the successful development of the Hudson Yards district, which has remitted more than $500 million in excess revenue to New York City, with $2 billion more projected by 2028.

In addition to housing and green space, the project will deliver significant public infrastructure, including an approximately 750-seat school in collaboration with the School Construction Authority and the reprofiling of West 33rd Street to meet the newly mapped elevation of 11th Avenue — ensuring improved pedestrian and vehicular access.