The billionaire behind Hudson Yards, the most expensive real-estate development in US history, says it's 'not a neighborhood for the rich'
AP Photo/Brynn Anderson
- Hudson Yards, NYC's new $25 billion neighborhood, is the most expensive real-estate development in US history.
- The neighborhood's luxury condos start at $4.3 million and cost upwards of $32 million.
- When it's finished, Hudson Yards will have a luxury mall with stores like Louis Vuitton and Dior, office spaces, public gardens, a performing arts space, and the highest outdoor observation deck in the Western Hemisphere.
- It's been called a "billionaires' playground," but Stephen Ross, the 78-year-old billionaire behind the project, told Forbes it's "not a neighborhood for the rich."
Hudson Yards is the most expensive real-estate development in US history. When it's finished, the $25 billion development will include luxurious residential towers, office spaces, a school, a luxury mall with high-end boutiques and restaurants, a $200 million art installation, public gardens, a performing arts space, and the highest outdoor observation deck in the Western Hemisphere.Condos start at $4.3 million and can cost upwards of $32 million.Advertisement
Hudson Yards, with its glossy luxury boutiques and sky-high price tags, has faced criticism from some who see it as a neighborhood made only for the ultra-wealthy and earned nicknames from a "playground for billionaires" to "a mall for the wealthy." Justin Davidson of New York Magazine called Hudson Yards "a billionaire's fantasy city."
But the billionaire behind the massive real-estate project disagrees with that characterization.Hudson Yards is "not a neighborhood for the rich," Stephen Ross, the chairman of Related Companies, the real estate firm that's the developer of Hudson Yards, said in an interview with Forbes. "It's not a separate enclave."
Katie Warren/Business Insider
The mall also includes the city's only Neiman Marcus, along with restaurants like TAK Room from Thomas Keller, the chef behind the Michelin-starred Per Se.
Luxury lifestyles in Hudson Yards
Hudson Yards currently has two luxury condominium towers: 15 Hudson Yards and 35 Hudson Yards. At 15 Hudson Yards, residences start at $4.3 million and go up to $32 million.Read more: I toured the first residential building to open in Hudson Yards, NYC's new $25 billion neighborhood - and it was clear it's selling much more than just real estateAdvertisement
Katie Warren/Business Insider
Its neighbor, 35 Hudson Yards, which its architect called "a city within Hudson Yards," will include a 60,000-square-foot Equinox fitness center, the world's first Equinox hotel, retail spaces, and at least one restaurant. Condos start at $5 million and go up to at least $28.5 million - and that's not including the penthouses, which are not yet priced. Ross himself will be moving into one of the penthouses, he told Forbes.At One Hudson Yards, Related's 33-story rental building that opened in 2017, available units range from $8,805 to $17,000 per month. At the nearby Abington House, the cheapest available apartment is a studio for $3,410.Advertisement
Of the 4,000 apartments that are planned for Hudson Yards, about 10% will be rented at below market rates as part of the city's affordable housing program. These apartments, which will be open to those who make between about $31,000 and $62,000 per year, will rent for $858 a month for a studio and up to $1,350 a month for a two-bedroom, according to Curbed.
Hudson Yards opens to the public on March 15, but it's only about half-finished, according to Crain's. It's expected to be completed by 2025.