With the announcement today of Coach’s commitment to move into 600,000 square feet of office space, the train at Hudson Yards has finally come in. The new agreement represents a substantial change and push for the Hudson Yards redevelopment project that NYC Mayor Michael Bloomberg has been pushing for several years.
Construction will be performed by Stephen Ross’ Related Cos. and follows their continued development push in New York and other major metropolitan markets as well. Related recently announced the start of several other new tower projects in Chicago as well as a number of renovations scheduled in Lowell, MA and three other sites in Manhattan.
While in recent years, we may have seen the emergence of three or four new tower projects like the one at Hudson Yards, the renovations and retrofits of older buildings represent a significant advantage and change for developers like Related. Going hand in hand, financing for brand new construction projects has been hard to come by since 2007, and the markets don’t look to be loosening all that much in the future.
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