Posted Sep 10, 2020, 12:45 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,209
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^ Yeah, the work on the platform would start whether or not the towers themselves would start.
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Originally Posted by citybooster
If they are trying for condos in the 3-10 million range, good luck...but isn't the residential supposed to be rental? So this proposed lineup(more or less) will be what we see in the skyline here from the Jersey City side? These are really nice... how many in all, likely...8 would be written in stone?
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The site plan, and number of towers is set. The residential won't be rental, as this is where Related expects to get its money from the complex.
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https://therealdeal.com/2019/12/27/r...-hudson-yards/
Related no longer giving timetable for finishing Hudson Yards
Second phase — with offices, homes and a school — was due in 2024
TRD New York
December 27, 2019
The news, buried at the end of a New York Times piece Thursday, follows a report in August by the New York Post that Related had not obtained approval from the Long Island Rail Road for the design of the development’s second phase. But the company did not say at the time that it would miss its announced 2024 completion date.
Design approvals aside, there is another reason not to rush luxury apartments onto the market: A plethora of units remain unsold at the first phase of Hudson Yards and other West Side buildings. “The issue is that the consumer feels the market is going to decline further,” Pierre E. Debbas, a managing partner at Romer Debbas, a real-estate law firm that has represented condo buyers in Hudson Yards, told the Times.
The second phase, dubbed the Western Yard, would span 6,220,000 square feet, and incorporate several residential towers, an office complex and a grade school, according to Related’s website.
Related and its partner Oxford Properties Group submitted plans in the summer of 2018 for a platform to be built over the rail yard. Without approval, the Western Yard development cannot proceed.
“We’re in the planning stages of Phase 2 and are currently focused on the Gateway tunnel, platform and the commercial building planned in the northeast corner,” a spokesperson for Related told The Real Deal. The company had no comment on when the phase would be done.
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