Sweetened by generous tax breaks, the project sold a packaged, stratospheric lifestyle to international tourists, millennial workers and part-time residents in a new frontier accessed by the extension of No. Originally s purred by the city’s bid for the 2012 Olympics, the project promised to transform a derelict industrial zone and offer an exclamation point to the High Line, said James Whelan, president of the Real Estate Board of New York, and a former executive director of the Hudson Yards Coalition, a business group which pushed for West Side redevelopment. “The benefits of this kind of future forward thinking are more apparent and relevant than ever right now.” Ross, chairman of the Related Companies, said in a statement. “Hudson Yards has inherent advantages because it was conceived as an integrated, sustainable, state-of-the-art live-work-play environment where people can get everything they want and need right in their own neighborhood,” Stephen M. Owned and managed by the Related Companies, one of the biggest private real estate developers in the world, Hudson Yards is also working with one of its marquee tenants, the Mount Sinai health system, to adopt safety and cleaning guidelines protecting employees, residents and visitors. Still, most of the two dozen people interviewed for this article, ranging from real estate professionals to city officials and academics, said that even if Neiman Marcus and other retailers go under, and condo sales for the unbuilt towers over the unbuilt platform stagnate, Hudson Yards is essentially too big to fail. That figure plummeted to $43 million in April, and then to $35.5 million in May. In March, New York City collected $118 million in real estate property transfer taxes, according to the New York City Independent Budget Office. Preliminary citywide data capture the hollowing impact of the pandemic. But anybody would necessarily have some doubts - does the pandemic change the emotional desire of people to be in the city? Will we begin to see anchor tenants or employers move away?” We’ve been through this before - recessions, 9/11. As an optimist, I never bet against New York City. Spitzer said, “nobody knows what will happen. “People will debate the aesthetics, but there is always a wow factor.” Spitzer, the former New York governor, who is now a real estate developer and working on a project in Hudson Yards. “Around the country, people look at Hudson Yards as a huge success and say, ‘Look at what they managed to do in terms of the sheer scale of it,’ “ said Eliot L. Hudson Yards’ success - or failure - in adapting to a post-COVID world will be a bellwether for New York’s real estate industry, but even beyond that, for the city’s overall economic health, as it embodies prime engines that help keep New York City running: high-end retail, luxury housing and Class A office space.
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