The Hudson Yards West project in New York City will have more affordable housing units, according to a new agreement. Under the latest tentative agreement negotiated with Related Companies, the number of affordable housing units will increase by 50% compared to previous plans.
Highlights
- Hudson Yards West will include at least 625 permanently affordable housing units under a tentative agreement.
- Mayor Eric Adams helped broker the agreement and announced it on Wednesday.
- The Hudson Yards West project is valued at $12 billion and will include 4,000 housing units.
Phase 2 at Hudson Yards to Expand Affordable Housing
On Wednesday, New York City Mayor Eric Adams announced that the Hudson Yards West project will include at least 625 permanently affordable units under a tentative agreement with Related Companies. This is a significant increase from the 420 units previously proposed.
In addition, another 139 units in the vicinity will also be preserved as permanent affordable housing. The Hudson Yards West project will add up to 4,000 units to the city’s housing inventory and create 35,000 temporary jobs.
The tentative agreement also calls for Related Companies to construct a new 750-seat K-8 school. The project will also include 6.6 acres of public space and a new daycare facility. Furthermore, the city will use future tax revenues from the project to finance a new deck over the rail yards.
This framework, now unveiled, still requires approval. The proposal will next be presented to the New York City Council, the New York City Industrial Development Agency, and the Hudson Yards Infrastructure Corporation. Further deliberations will decide the housing types and income bands for the affordable units at the project.
Official Comments
Mayor Adams said that the historic agreement will finally move the long-stalled project forward and deliver thousands of new homes in the heart of Manhattan. He stressed that his administration had fought to ensure that more of those units would be affordable, allowing working-class New Yorkers to continue living in the city they help run every day.
Jeff Blau, CEO of Related Companies, said, “This is a historic moment for New York City, and this complex and transformational project would not be moving forward without the strong support and collaboration we’ve had from our city leaders on both sides of City Hall.”
Deputy Mayor for Housing, Economic Development, and Workforce Adolfo Carrión, Jr., remarked, saying, “Today marks a game-changing agreement to move forward with the long-stalled Western Rail Yards project, with the opportunity to deliver thousands of homes, good jobs, a new school, and public space.”
Hudson Yards: The Largest Real Estate Development in U.S. History
Phase 2 of the Hudson Yards project is estimated to cost around $12 billion. This raises the total value of the Hudson Yards development to $32 billion, making it the largest real estate project in the history of the United States, according to a statement from the Mayor’s Office.
The redevelopment of the rail yards had been in the making for nearly two decades. If the project receives approval, it will conclude a long series of discussions and negotiations.
