One Million Square Foot Retail Center is Future Home of Neiman Marcus and Thomas Keller’s New Restaurant; Major Milestone in the Development of Manhattan’s West Side
Vertical Steel Part of 100,000-Ton Steel Order, One of the Largest Orders Ever Placed in the United States
NEW YORK, NY – June 10, 2015 – Hudson Yards today announced the start of vertical construction on The Shops & Restaurants at Hudson Yards, its massive one million square foot retail center and the future home of New York City’s first Neiman Marcus flagship store and Chef Thomas Keller’s new classic American restaurant. Construction commenced after the site received its first few shipments of a historic 100,000-ton steel order, one of the largest orders ever placed for a commercial real estate development. The first deliveries have arrived onsite with additional shipments scheduled through 2016.
“We are extremely excited to go vertical on The Shops & Restaurants at Hudson Yards and to see our vision become a reality. As a 40-year veteran in this industry, having the opportunity to transform a neighborhood and create a new paradigm for shopping and dining in New York City is a dream come true,” said Kenneth A. Himmel, restaurateur and President of Related Urban, the mixed-use division of Related Companies. “We have experienced a tremendous response from the retail and restaurant community to the unique offering we are presenting at Hudson Yards and are in the process of finalizing numerous leases that will complement Neiman Marcus’ flagship New York City store and Thomas Keller’s new restaurant venture.”
The Shops & Restaurants at Hudson Yards, opening in 2018, will highlight the next generation of fashion-forward brands, befitting a next-generation neighborhood located in the heart of New York’s booming culture-meets-tech enclave. Merchandising aesthetics will range from the finest couture designers to the best names in accessible global retail, culled with care from international High Streets and local shopping haunts. The Restaurants at Hudson Yards will feature a legendary assortment of local chef-driven restaurants, curated by Chef Thomas Keller and Related’s Kenneth Himmel. Capping this modern marketplace will be a three-floor Neiman Marcus, New York’s first penthouse shopping experience. Above it all will be the city’s highest indoor/outdoor observation deck, with panoramic views that will welcome four million visitors annually.
Hudson Yards sits within New York’s fastest growing neighborhood, with a growth rate of five times greater than the rest of Manhattan and an influx of 6,000 residences and 2,400 hotel rooms in the last five years. It is anticipated that more than 24 million people will visit Hudson Yards every year and retail sales are projected at approximately $1 billion.
Hudson Yards will be accessible to the entire region with connections to commuter rail, the subway system, the West Side Highway, the Lincoln Tunnel and ferries along the Hudson River. Grand Central Terminal is six minutes away by subway, and Penn Station, the nation’s busiest train station, a short walk.
The 28-acre Hudson Yards, developed by Related Companies and Oxford Properties Group, will include more than 17 million square feet of commercial and residential space, more than 100 shops and restaurants, approximately 5,000 residences, a unique cultural space, 14 acres of public open space, a 750-seat public school and an Equinox® branded luxury hotel with approximately 200 rooms.
Hudson Yards is being built over 30 active Long Island Rail Road (LIRR) train tracks, three subsurface rail tunnels utilized by AMTRAK and New Jersey Transit, and a fourth passageway, the new Gateway Tunnel. To make this possible, Related Companies is building two massive platforms, the first of which will span nearly 14 acres. To support the platform on the Eastern Rail Yard, 300 strategically placed caissons have been drilled deep into the bedrock around the site’s 30 active rail yards.
“Hudson Yards is one of the most complex development projects in the country, and such a large delivery of steel further demonstrates the projects’ impressive scale, as well as the unique engineering feat that surrounds the development,” said Ron Wackrow, Executive Vice President of Related Companies. “This steel delivery marks another major milestone in our construction schedule. 2015 will be another banner year for Hudson Yards with the vertical construction on the retail center, 30 Hudson Yards and completion of the Eastern Rail Yard platform.”
The 100,000 tons of steel will not only facilitate the construction of the retail center and 30 Hudson Yards, the future home of Time Warner Inc., but it will also create 1.2 million man hours of work.
Robert Walsh, Business Manager of Structural Iron Workers Local Union No. 40 said, “For over a century, Local 40 has been building the future of New York. Hudson Yards, the largest private construction project undertaken in the United States, will employ hundreds of skilled ironworkers and we are proud to be working with Related and transforming Manhattan’s West Side.”
ABOUT RELATED COMPANIES:
Related Companies is the most prominent privately-owned real estate firm in the United States. Formed more than 40 years ago, Related is a fully integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Washington, D.C., Abu Dhabi, London, São Paulo and Shanghai and boasts a team of approximately 3,000 professionals. The Company’s existing portfolio of real estate assets, valued at over $20 billion, is made up of best-in-class mixed-use, residential, retail, office and affordable properties in premier high-barrier-to-entry markets. Related has developed preeminent mixed-use projects such as Time Warner Center in New York and CityPlace in West Palm Beach and is currently developing the 28-acre Hudson Yards project on Manhattan’s West Side. Related also manages approximately $3 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments, and family offices. For more information about Related Companies, please visit www.related.com[RelatedCompanies.pr-optout.com]
ABOUT OXFORD PROPERTIES GROUP:
Oxford Properties Group is a global platform for real estate investment, development and management, with more than 1,400 employees and $20 billion of real assets that it manages for itself and on behalf of its co-owners and investment partners. Established in 1960, Oxford has regional offices in Toronto, London and New York, each with investment, development and management professionals possessing deep real estate expertise and local market insight.
Oxford’s portfolio includes approximately 50 million square feet of office, retail, industrial, multi-family and hotel properties, primarily located in Canada, the UK and the US. Recently completed development projects include the 1.2-million-square-foot AAA Centennial Place office complex in Calgary, the landmark Watermark Place development on the River Thames in London, the full redevelopment of 111 Richmond West and the Richmond Adelaide Centre in Toronto, as well as a significant expansion of Yorkdale Mall in that city. For more information about Oxford visit www.oxfordproperties.com[RelatedCompanies.pr-optout.com]
For more information on Hudson Yards please visit www.hudsonyardsnewyork.com[RelatedCompanies.pr-optout.com]
CONTACT: Related Companies: Jessica Scaperotti, 212-801-3528 [email protected]
Derris & Co.: Nick Rosen-Wachs, 646-362-4684 [email protected]