Manhattan’s Hudson Yards Officially Opens to the Public
New York City is home to some of the most ambitious architectural projects in the world. From the iconic Rockefeller Center and the elegant Flatiron Building, to the classic NYC Rooftop Cinema and the quintessential Brownstones, you’ll never run out of wonderful manmade sights to see.
The latest addition to the city is the famed Hudson Yards — a luxurious retail space spanning 1 million square feet. Unveiled just last March 15, the eagerly anticipated building promises to be much more than your local mall. Bridging day-to-day amenities with state-of-the-art grandeur, Hudson Yards has already earned itself the moniker of “Manhattan’s mini-city.”
Certainly, the extravagant complex is an exercise in luxury, which the Big Apple has come to be known for. With 100 retail stores, Hudson Yards aims to be a one-stop destination. The brainchild of two of the world’s largest real estate developers, Related Cos. and Oxford Properties Group, it was built to spoil shoppers from all ends of the spectrum. There, you’ll find fast fashion retailers like H&M, Zara, and Uniqlo, mixed with high-end labels such as Dior, Tiffany, and Fendi. Even luxury department store Neiman Marcus has found a home in it, having put up their very first flagship location within its walls.
Unsurprisingly, the food options run the gamut, too. Inside, renowned chefs like David Chang and Thomas Keller rub elbows alongside artisanal coffee shops and unique eateries. But this isn’t just a place for play. Hudson Yards also caters to businesses, with companies like Warner Brothers, L’Oreal, and CNN all opening their headquarters inside. At the heart of it all is a gigantic, honeycomb-shaped sculpture called The Vessel, which is an otherworldly visual of its own.
“What made us think we could do this? We had to ask it of ourselves first. We did a ton of research,” explains Related Cos. executive vice president Webber Hudson. According to him, there has been a complete void in the market for retail centers outside of Midtown or the East Side. While the Hudson Yards more than fills the gap, it further establishes New York’s place on the map as an economic and cultural powerhouse.
However, this development can push living costs further up. In a recent study published on Inc. Magazine, it was revealed that NYC is the second most expensive city to live in. Ultimately, the high cost of living begins with its crazy housing market. At the moment, the average condo in Hudson Yards’ borough of Manhattan can shoot up to at least $2 million, as explained by real estate expert James McGrath on Yoreevo. There are many factors that contribute to its exorbitant prices, like the extremely limited space, property taxes, and even the stingy parking requirements. And now with more high-end developments such as the Hudson Yards cropping up, you can expect living costs to go uphill from here.
This might explain why not everyone is welcoming the new kid on the block with open arms. In addition, Gothamist writer Neil Demause sheds light on the possibility of massive tax breaks, arguing that it could just be a money pit in the making. Of course, only time will tell, but one thing is certain: developers are going full speed ahead. The construction on Phase 2, called the Western Yard, is slated to start at the end of 2019.