Manhattan's Last Frontier - The Hudson Yards

By
Real Estate Broker with The Corcoran Group

Rendering of Hudson Yards
Rendering of Hudson Yards  http://www.nyc.gov/html/dcp/html/hyards/hymain.shtml

There is one last frontier available in Manhattan - Hudson Yards, the underutilized area bounded roughly by West 42nd Street and West 30th Street, Eighth Avenue to the Hudson River. 360 acres.

The Hudson Yards is owned by the MTA - The Metropolitan Transit Authority an agency of The State of New York. The MTA has had problems with capital. http://www.mta.nyc.ny.us/

A pet project of former mayor Rudy Giuliani and current mayor Mike Bloomberg was to build a west side sports stadium. The MTA decided to sell the Hudson Yards to The Jets for $100 million for a Jets Stadium even though Cablevision the owner's of Madison Square Garden offered more. The stadium was Mayor Bloomberg's centerpiece for the city's bid for the 2012 summer Olympics.

Cablevision and the strap-hangers sued claiming the MTA would have hundreds of millions less for new subways, buses, commuter railroads if it sold below market value. The deal was killed by the state legislature in Albany. Last year the MTA said the appraised value of the property is about $923 million.

A few months ago the city offered to pay the MTA $500 million to develop the west side rail yards the proposed site of the Jets Football Stadium. The offer was made by Mayor Bloomberg to MTA chairman Peter Kalikow.

Eliot Spitzer the Attorney General who is running for Governor said the bid is grossly under market and NYC is attempting to steal the Hudson rail-yards for $500 million. The city's offer is more than twice what the Jets were willing to pay a year ago. The mayor said it is a fair price that reflects the market value and cost of developing a platform and the city would shoulder several costs.

The Mayor and the city upped their bid and offered $200 million more for air rights - over the eastern half of the rail yards. The mayor wants a quick sale.

Last week the property was appraised at $1.5 billion. Three times the city's offer. It will most likely not be a quick sale.

Mayor Bloomberg did not become a billionaire by accident. He knows a good deal - buy low - sell high or buy low and hold. Remember the Dutch - The history of New York - Peter Minuet in 1626 bought Manhattan Island from the Indians for $24 worth of beads.

 

 

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Location:
New York New York County Manhattan Hells Kitchen
Tags:
hudson river
appraisal
nyc
new york
hudson rail yards
real estate
manhattan

Comments 2 New Comment

Rainer
9,491
Erika Urbina-Cannet
The Campins Company
NYC scenary always seems to change. Today manhattan, tomorrow Staten Island...
September 04, 2006 06:53 AM
Rainer
419,352
Maureen Francis & Dmitry Koublitsky
SKBK Sothebynulls - Metro Detroit
SKBK Sotheby's International Realty
I love this kind of stuff, Mitchell.  Very interesting.  You'vejust given me an idea for a blog.  We have something kind of similar, but on a much smaller scale, going on here in Detroit.
September 13, 2006 10:18 PM
Rainmaker
499,618

Mitchell J Hall

Lic Associate RE Broker - Manhattan, NYC
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