As the first phase moves towards completion with four mammoth office towers at 10, 30, 55 and 50 Hudson Yards, there will be lots of demand from thousands of workers to live within walking distance to their workplace. As the Hudson Yards development evolves, a new 1,000 ft+ tower at the 2 Hudson Boulevard site now called 50 Hudson Yards has been revealed: Revealed: 50 and 55 Hudson Yards ... and leasing is a long ways off; I doubt work begins here before the first phase of the Hudson Yards … Related Companies responded that it was “unfortunate that Neiman Marcus was unable to achieve the success that other retailers have found at Hudson Yards.”. The Marquee Building for the Neighborhood of the Future. Fifth Avenue availability has similarly sat in the low 20 percent range, according to market snapshots by Cushman & Wakefield. “I think the repurposing of that space might benefit that property and what’s going on in the West side better than what was there,” said Karen Bellantoni, a retail broker at Newmark Knight Frank, noting that there are several other major department stores in the city, all competing for the same customers. Oversee all stakeholder initiatives, construction activity, leasing, dispositions, budgeting, performance tracking and valuation. “They pretty much paid for everything with this deal,” the source said. Hudson Yards is the largest private real estate development in U.S. history and the largest … To broker a deal, Related and Oxford agreed to cover most of the costs of building out the 190,000 square-foot location, according to a source familiar with the matter, and allowed the retailer to pay a portion of sales in exchange for rent. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. New York—Related Cos. and Oxford Properties Group just reeled in a big fish by the name of BlackRock for its 2.9 million-square-foot 50 Hudson Yards … “There was a broad brand mix, from luxury to fast on Fifth Avenue in just the matter of a few blocks.”. The developers are now pitching the space as a multi-level office location spanning 350,000 square feet, branded it in marketing materials as a “Campus for Innovation.” With Neiman at its center, the high-end mall at Hudson Yards was marketed as a hub where tourists and wealthy residents living in nearby luxury condos could come to shop or enjoy cocktails after work. The tower will offer large floor plates throughout, private sky lobbies, outdoor terraces, staggering views of the Hudson River and executive valet parking in a private porte-cochère. 50 Hudson Yards is a new 985-foot-tall office tower in New York’s most exciting development. “Everything is so fluid right now, but I do think that, with a reset in rents, that you will have increased demand once people have some clarity,” Healey said. It’s a costly proposition that could take years to build, but despite the logistical hurdles — and rumblings that the era of the office is over — some say the pivot could pay off. Learn more about 50 Hudson Yards in commercial real estate. CompStak has 2 lease comps for this property, dating from 2017 to 2019.CompStak has one recorded sales transaction for this property. For luxury retailers in particular, it seems as if landlords on Fifth Avenue dug themselves into their own grave. Fulfill all internal and external financial reporting requirements, serving as the sole individual responsible for 50 Hudson Yards financial performance. Thomas Keller’s TAK Room and Bouchon Bakery both closed permanently due to the pandemic. 50 Hudson Yards is located at 415 10th Avenue in the Hudson Yards neighborhood, NY, New York, 10001. Brooks Brothers, which sits on the first floor of Hudson Yards, filed for bankruptcy in July and has since been rescued by Authentic Brands Group and Simon Property Group. All rights reserved © 2021 The Real Deal is a registered Trademark of Korangy Publishing Inc. Designed by Foster + Partners, the LEED Gold-designed, 2.9-million-gross-square-foot building will stand 985 feet tall, provide direct access to the No. In Times Square, asking rents average asking rents are $1,889 per square foot, according to a REBNY report last fall. But in the struggling retail sector, the pandemic has accelerated downward trends that were percolating for years, forcing debt-laden landlords to reimagine their spaces, and fast. “It’s the nail in the coffin for some retailers,” Isaacs said of the pandemic. The bulk of Facebook’s space will be at 50 Hudson Yards, where BlackRock Inc. is the anchor tenant, according to the statement by developers Related Cos. and Oxford Properties Group. thyssenkrupp Elevator, a world leader in urban mobility solutions, has been contracted by Hudson Yards to design and install up to 40 TWIN elevator systems for its 50 Hudson Yards building; 27 elevators for the 55 Hudson Yards building; and 12 elevator and escalator units for The Shed. The Real Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry. Canadian fashion brand Aritzia also announced in July that it would take over the former Dean and Deluca space at 560 Broadway. Please provide the following details to receive additional information on Hudson Yards retail. Facebook’s lease also includes about 265,000 square feet at 30 Hudson Yards and roughly 57,000 square feet at 55 Hudson Yards. These cookies do not store any personal information. “Customers are and will continue to shop differently than they did prior to the pandemic,” Neiman Marcus’s vice president, Amber Seikaly, predicted when she announced the news of the company’s Hudson Yards store closing. Some brands have sued their landlords in an attempt to exit their lease or miss rent payments, citing their inability to conduct business as usual during the pandemic. Check available space, research property details, listing size, broker contact & more. Neiman Marcus VP Amber Seikaly (LinkedIn). ... Facebook Close To 1M SF Lease At Hudson Yards. The tower is adjacent to the residential building dubbed 50 Hudson Yards, featuring excellent views of the Hudson River and the city skyline. The move came after Abercrombie & Fitch CFO Scott Lipesky called flagship stores “a drag on profitability” at a Goldman Sachs global retail conference. ... the option to use the offices it will have at 30 and 55 Hudson Yards only until its 1.2 million square foot space at 50 Hudson Yards … It’s a stunning loss for developers Related Companies and Oxford Properties, which invested heavily in bringing Neiman to their $25 billion megaproject. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Hudson Yards is a 28-acre (11 ha) real estate development in the Chelsea and Hudson Yards neighborhoods of Manhattan, New York City.Upon completion, 13 of the 16 planned structures on the West Side of Midtown South would sit on a platform built over the West Side Yard, a storage yard for Long Island Rail Road trains. In reality, many of these locations don’t make much money and cost a lot to maintain. Flagship stores are shaping up to be collateral damage: Once considered a vital component of a store’s branding, many are now closing for good. For Nike’s 650 Fifth Avenue deal, SL Green Realty and Jeff Sutton’s Wharton Properties offered to take over the sportswear retailer’s Trump Tower lease and construct a basketball court inside the store, in addition to buying Juicy Couture, Devon & Blakely and Godiva out of their leases on the property. But in the short-term, the loss of an anchor tenant could threaten to destabilize the leases of other retailers in the building, many of whom may already be considering renegotiating or even leaving the site due to the pandemic. Round-up of top news and topics for each of the following cities: Editorially-curated headlines and news to know for the following areas: The numbers behind office leases, retail, sales and financing. 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