Posted Jun 11, 2025, 12:51 AM
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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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https://www.nyc.gov/office-of-the-ma...using-units-to
Mayor Adams Helps Negotiate Agreement to add Nearly 50 Percent More Affordable Housing Units to Largest Real Estate Development in U.S. History at Hudson Yards West
- Phase 2 of Project Will Deliver Total of Up to 4,000 Units for New Yorkers
- New Phase of Plan Would Create 35,000 Temporary Jobs, 6.6 Acres of Public Space, New 750-Seat K-8 School, and Daycare Facility
- Phase 2 of Project Valued at Over $12 Billion, Will Make Entire Hudson Yards Plan Valued at $32 Billion, Largest Real Estate Development in U.S. History
June 10, 2025
Quote:
New York City Mayor Eric Adams today announced a tentative agreement with Related Companies he helped broker to increase the amount of affordable housing at Hudson Yards West by nearly 50 percent over the previous proposal. Phase 2 of the project — which is valued at $12 billion — will now include 4,000 new homes at the site, at least 625 of which will be permanently-affordable units. Additionally, as part of today’s agreement, another 139 units nearby will also be preserved as permanently affordable.
Under this tentative agreement, the city will use future tax revenues generated from the Western Rail Yards to support the financing of infrastructure, including the development of a deck over the existing rail yards. In addition to building thousands of new units of housing, the project will also include 6.6 acres of public space, a new K-8 school, and a new daycare facility on the site. The project is expected to create 35,000 temporary jobs throughout the development and construction process. The entire Hudson Yards project is now valued at $32 billion, making it the largest real estate development in U.S. history.
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Quote:
The agreement reached today with Related adds significantly more permanently affordable housing to the proposed project than previous iterations, increasing the number of units from 420 to at least 625, and builds on the Adams administration’s record as the most pro-housing administration in New York City history. As part of the agreement, Related is expected to take on the construction of the new 750-seat school. Additionally, the city will utilize future tax revenues from the project to support the construction of a new deck over the rail yards, a proven tool to finance infrastructure improvements without requiring direct public subsidies.
Following today’s announcement of a framework for the project, the proposal will move forward for approvals by the New York City Council, the New York City Industrial Development Agency, and Hudson Yards Infrastructure Corporation.
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https://www.amny.com/new-york/manhat...sing-new-deal/
After casino bid folds, Hudson Yards West adds more affordable housing in new deal
By Adam Daly
June 10, 2025
Quote:
The announcement comes after Wynn Resorts dropped its bid to build a casino on the site in May, following sustained opposition from local officials and community members.
Jeff Blau, CEO of Related Companies, described Tuesday’s deal as a “historic moment” and credited collaboration with city leaders, including Adams, Council Speaker Adrienne Adams, and Council Member Erik Bottcher, among others for ensuring “the final Hudson Yards West plan meets New York’s needs: more housing, green open space, and more access to opportunity and thousands of jobs for our workers.”
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