[NYguy]

http://newyorkrealestate.citybizlist...velopment.aspx

Site Work Begins on 26-Acre Site Hudson Yards Development

December 19, 2010

Related Companies and Oxford Properties Group, general partner developers of the 26-acre Hudson Yards in midtown Manhattan, have entered into contract to begin preparatory work for the development of Hudson Yards.

The demolition of the existing Metals Purchasing Building represents the first physical work on the site and the first step in the site work preparation necessary for the development of the Yards. This deconstruction process, managed by Tishman Construction Corporation, is expected to take four months time and paves the way for construction of the first buildings on terra firma, which could commence as early as 2012.

Terra firma buildings could be delivered as soon as 2015 pending tenant commitments.

The developers have also recently wrapped the site in nearly 30,000 square feet of new construction signage, one of the largest construction hoarding installations ever undertaken, and launched a web presence at www.hudsonyardsnewyork.com touting the creation of "New York's Next Great Neighborhood."

"Over 65 percent of Manhattan's office stock is over 50 years old and New York City needs the modern, green, high-tech office space that only we can provide at Hudson Yards in order to retain our competitive advantage in the global market for corporate tenants," Stephen M. Ross, Chairman and CEO of Related Companies said.

The 60,000 square foot Metals Purchasing Building was originally constructed in the 1930s in the freight yards that operated as part of the railroad system along Manhattan's west side. This railroad supported the pier operations and transported goods up and down the west side. The Metals Purchasing Building was used to process, manufacture, and distribute various metal products. The building was also used for processing and manufacturing various metal products. When the demand for the metals operation no longer existed the building was converted to office space and used for back-office type operations. About 20 years ago the building was acquired by MTA by eminent domain and subsequently vacated.

Key transportation investments are underway throughout the area around Hudson Yards including the extension of the Number 7 subway line. The No. 7 subway will link the site to both local and regional rail transportation. This subway line connects Hudson Yards to the major subway nodes of Times Square, Bryant Park, and Grand Central Terminal.

The $2.1 billion subway extension is fully funded and under construction. Crews have finished digging the tunnels and are currently building the new station at the 34th Street and 11th Avenue that will be at the front door to Hudson Yards. The project is on budget and on schedule. The transit system testing will begin in 2013 and a grand opening is anticipated by the first quarter of 2014, at least a year before the first phase of Hudson Yards is opened.