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How Will Hudson Yards Survive the Pandemic? How Will Hudson Yards Survive the Pandemic?
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The Edge — the highest sky deck in the Western Hemisphere and the latest crown jewel in Manhattan’s sprawling Hudson Yards project — opened to the public on March 11.The Edge — the highest sky deck in the Western Hemisphere and the latest crown jewel in Manhattan’s sprawling Hudson Yards project — opened to the public on March 11.
The observation deck, which cantilevers about 80 feet out from the 100th floor of 30 Hudson Yards, offers helicopter views, as well as a knee-wobbling gaze through a triangular glass floor down to the streets of the Far West Side.The observation deck, which cantilevers about 80 feet out from the 100th floor of 30 Hudson Yards, offers helicopter views, as well as a knee-wobbling gaze through a triangular glass floor down to the streets of the Far West Side.
It was an experience that lasted for only two days, as the coronavirus shut down the deck and all other venues where New Yorkers and tourists might gather.It was an experience that lasted for only two days, as the coronavirus shut down the deck and all other venues where New Yorkers and tourists might gather.
The Edge embodied the can-you-top-this dynamism of Hudson Yards — a $25 billion project the size of Ellis Island and the largest mixed-use private development in American history. But now, with its offices virtually empty; its shops, high-profile restaurants and the Vessel — another big magnet for tourists — all closed or severely restricted in their operations; and future construction plans delayed, Hudson Yards is facing a crucible without precedent.The Edge embodied the can-you-top-this dynamism of Hudson Yards — a $25 billion project the size of Ellis Island and the largest mixed-use private development in American history. But now, with its offices virtually empty; its shops, high-profile restaurants and the Vessel — another big magnet for tourists — all closed or severely restricted in their operations; and future construction plans delayed, Hudson Yards is facing a crucible without precedent.
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.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.
“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. Spitzer, the former New York governor, who is now a real estate developer and working on a project in Hudson Yards. “People will debate the aesthetics, but there is always a wow factor.”“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. Spitzer, the former New York governor, who is now a real estate developer and working on a project in Hudson Yards. “People will debate the aesthetics, but there is always a wow factor.”
Now, though, Mr. Spitzer said, “nobody knows what will happen. We don’t know how it’s going to end up. As an optimist, I never bet against New York City. We’ve been through this before — recessions, 9/11. 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?”Now, though, Mr. Spitzer said, “nobody knows what will happen. We don’t know how it’s going to end up. As an optimist, I never bet against New York City. We’ve been through this before — recessions, 9/11. 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?”
Preliminary citywide data capture the hollowing impact of the pandemic. In March, New York City collected $118 million in real estate property transfer taxes, according to the New York City Independent Budget Office. That figure plummeted to $43 million in April, and then to $35.5 million in May.Preliminary citywide data capture the hollowing impact of the pandemic. In March, New York City collected $118 million in real estate property transfer taxes, according to the New York City Independent Budget Office. That figure plummeted to $43 million in April, and then to $35.5 million in May.
Taxable real estate sales are projected to drop by more than one-third to $65 billion in 2020, and are not expected to approach pre-pandemic levels until 2024.Taxable real estate sales are projected to drop by more than one-third to $65 billion in 2020, and are not expected to approach pre-pandemic levels until 2024.
“In the wake of this crisis, the long-term attractiveness of New York City as a place to live and do business is very much an open question,” the report said. “At a minimum, prices of both commercial and residential property are likely to remain below the record-breaking levels of recent years for a considerable period.”“In the wake of this crisis, the long-term attractiveness of New York City as a place to live and do business is very much an open question,” the report said. “At a minimum, prices of both commercial and residential property are likely to remain below the record-breaking levels of recent years for a considerable period.”
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.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.
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.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.
“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. Ross, chairman of the Related Companies, said in a statement. “The benefits of this kind of future forward thinking are more apparent and relevant than ever right now.”“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. Ross, chairman of the Related Companies, said in a statement. “The benefits of this kind of future forward thinking are more apparent and relevant than ever right now.”
Originally spurred 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.Originally spurred 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.
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. 7 subway line.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. 7 subway line.
“Hudson Yards is in some ways disconnected from the city — it’s a city within a city, and it’s operating at a global scale,” said Kael Goodman, president and chief executive of Marketproof, a real estate data analysis firm. “It’s more like what might be happening in Hong Kong and other Tier 1 cities.”“Hudson Yards is in some ways disconnected from the city — it’s a city within a city, and it’s operating at a global scale,” said Kael Goodman, president and chief executive of Marketproof, a real estate data analysis firm. “It’s more like what might be happening in Hong Kong and other Tier 1 cities.”
The project’s first phase, running from 10th to 11th Avenues between 30th and 34th Streets, features four office towers, two condominiums, one mall, the Vessel and the Shed arts center. It officially opened to the public in March 2019, exactly a year before coronavirus hit the city. The second phase, which will run from 11th to 12th Avenues, will be dominated by residential towers.The project’s first phase, running from 10th to 11th Avenues between 30th and 34th Streets, features four office towers, two condominiums, one mall, the Vessel and the Shed arts center. It officially opened to the public in March 2019, exactly a year before coronavirus hit the city. The second phase, which will run from 11th to 12th Avenues, will be dominated by residential towers.
Hudson Yards’s footprint of 28 square acres, half of which will be open space, is projected to accommodate 125,000 people who will live, work, study, shop and visit the area daily. There will be 18 million square feet of commercial and residential space, and 4,000 new apartments, more than 10 percent of which will be subsidized housing.Hudson Yards’s footprint of 28 square acres, half of which will be open space, is projected to accommodate 125,000 people who will live, work, study, shop and visit the area daily. There will be 18 million square feet of commercial and residential space, and 4,000 new apartments, more than 10 percent of which will be subsidized housing.
Or that was the plan before the pause button of the coronavirus.Or that was the plan before the pause button of the coronavirus.
“The best thing to say about Hudson Yards is the jury is still out,” said Pierre E. Debbas, managing partner of Romer Debbas, a real estate law firm.“The best thing to say about Hudson Yards is the jury is still out,” said Pierre E. Debbas, managing partner of Romer Debbas, a real estate law firm.
While Neiman Marcus’s bankruptcy has attracted inordinate attention, other retailers are struggling, too, with roughly 40 percent paying rent in April and May. Some retailers may have flexibility in their leases to renegotiate their rents if Neiman is no longer able to operate.While Neiman Marcus’s bankruptcy has attracted inordinate attention, other retailers are struggling, too, with roughly 40 percent paying rent in April and May. Some retailers may have flexibility in their leases to renegotiate their rents if Neiman is no longer able to operate.
Still, Harrison Abramowitz, a managing director at Newmark Knight Frank, a commercial real estate firm, said that if Neiman Marcus were to depart, other businesses would likely take over the space, whether as a whole, or in pieces, or even as office space.Still, Harrison Abramowitz, a managing director at Newmark Knight Frank, a commercial real estate firm, said that if Neiman Marcus were to depart, other businesses would likely take over the space, whether as a whole, or in pieces, or even as office space.
“I think the project is much bigger than just Neiman,” he said. “Having that brand name many years ago before this was a hole in the ground had cachet, but the world has changed.”“I think the project is much bigger than just Neiman,” he said. “Having that brand name many years ago before this was a hole in the ground had cachet, but the world has changed.”
When Hudson Yards was built, the assumption was that the red-hot luxury condominium market would power the project. Against that backdrop, Equinox, the luxury fitness brand, branched into the hotel business as the anchor of 35 Hudson Yards.When Hudson Yards was built, the assumption was that the red-hot luxury condominium market would power the project. Against that backdrop, Equinox, the luxury fitness brand, branched into the hotel business as the anchor of 35 Hudson Yards.
“You could probably draw a 20 block radius and you wouldn’t find many luxury hotels,” said Daniel Peek, president of the hotel group at Hodges Ward Elliott, a brokerage firm.
Updated June 22, 2020Updated June 22, 2020
A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.
The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.
“You could probably draw a 20 block radius and you wouldn’t find many luxury hotels,” said Daniel Peek, president of the hotel group at Hodges Ward Elliott, a brokerage firm.
But the luxury condominium market was already softening before the pandemic, Mr. Peek noted. And though Related recently notched a milestone by selling more than 15 percent of its condominium units at 35 Hudson Yards, paving the way to begin closing sales, many prospective buyers are waiting until they can visit the area before signing contracts.But the luxury condominium market was already softening before the pandemic, Mr. Peek noted. And though Related recently notched a milestone by selling more than 15 percent of its condominium units at 35 Hudson Yards, paving the way to begin closing sales, many prospective buyers are waiting until they can visit the area before signing contracts.
Only 25 contracts valued at over $4 million were signed in the nine-week period prior to May 24, versus 207 over the same period last year, said Michael J. Franco, a real estate broker for Compass, who represented a buyer of a Hudson Yards penthouse.Only 25 contracts valued at over $4 million were signed in the nine-week period prior to May 24, versus 207 over the same period last year, said Michael J. Franco, a real estate broker for Compass, who represented a buyer of a Hudson Yards penthouse.
And citing “extremely challenging conditions” in the condominium market, Related recently stopped contributing optional payments to the federal EB-5 program, which has granted permanent residency to foreign investors who have helped bankroll luxury real estate projects.And citing “extremely challenging conditions” in the condominium market, Related recently stopped contributing optional payments to the federal EB-5 program, which has granted permanent residency to foreign investors who have helped bankroll luxury real estate projects.
“I still believe in Hudson Yards as a neighborhood, as a development, but we’re at a standstill all over New York City with real estate,” Mr. Franco said.“I still believe in Hudson Yards as a neighborhood, as a development, but we’re at a standstill all over New York City with real estate,” Mr. Franco said.
By contrast, Related says 93 percent of the commercial space that has been built, or is under construction, has been leased. All commercial tenants paid rent in April, and nearly all in May.By contrast, Related says 93 percent of the commercial space that has been built, or is under construction, has been leased. All commercial tenants paid rent in April, and nearly all in May.
So-called healthy buildings which stress wellness, nontoxic materials and state-of-the-art filtration and other systems — such as the ones at Hudson Yards — are likely to become more attractive in a post-COVID world, according to a new report from DBRS Morningstar.So-called healthy buildings which stress wellness, nontoxic materials and state-of-the-art filtration and other systems — such as the ones at Hudson Yards — are likely to become more attractive in a post-COVID world, according to a new report from DBRS Morningstar.
But even as New York gradually reopens, many companies plan to restrict visitors and adhere to social-distancing guidelines, according to a recent report from CBRE, a commercial real estate firm. Companies are reconsidering office space in Manhattan, while commercial rents are collapsing. Facebook, which has pledged to lease 1.5 million square feet at 55 Hudson Yards, will allow many employees to work from home permanently.But even as New York gradually reopens, many companies plan to restrict visitors and adhere to social-distancing guidelines, according to a recent report from CBRE, a commercial real estate firm. Companies are reconsidering office space in Manhattan, while commercial rents are collapsing. Facebook, which has pledged to lease 1.5 million square feet at 55 Hudson Yards, will allow many employees to work from home permanently.
Still, KKR and Company, the private equity firm, recently agreed to take over 22,000 square feet at 10 Hudson Yards to supplement an anticipated 343,000 square feet in its future corporate headquarters at 30 Hudson Yards.Still, KKR and Company, the private equity firm, recently agreed to take over 22,000 square feet at 10 Hudson Yards to supplement an anticipated 343,000 square feet in its future corporate headquarters at 30 Hudson Yards.
“Our commitment to move to the west side is unchanged,” Henry Kravis, the firm’s co-founder and co-chief executive, said in a statement. “Adding even more turnkey square footage right next to our future home was both a practical step and a unique opportunity.”“Our commitment to move to the west side is unchanged,” Henry Kravis, the firm’s co-founder and co-chief executive, said in a statement. “Adding even more turnkey square footage right next to our future home was both a practical step and a unique opportunity.”
But if Hudson Yards struggles, the ripple effects could be significant.But if Hudson Yards struggles, the ripple effects could be significant.
For the last five years, New York City has not had to make interest support payments on the bonds that financed Hudson Yards, and Hudson Yards is expected to send $350 million into the city’s coffers by the end of the fiscal year in June.For the last five years, New York City has not had to make interest support payments on the bonds that financed Hudson Yards, and Hudson Yards is expected to send $350 million into the city’s coffers by the end of the fiscal year in June.
But property tax delinquencies could become an issue. And with Hudson Yards set to start paying principal on those bonds in 2021, “you have to worry again,” said Elizabeth Brown, senior tax expenditure policy analyst at the city’s Independent Budget Office.But property tax delinquencies could become an issue. And with Hudson Yards set to start paying principal on those bonds in 2021, “you have to worry again,” said Elizabeth Brown, senior tax expenditure policy analyst at the city’s Independent Budget Office.
Even retired teachers in Ohio have an interest, since their pension fund owns a 20 percent share of 10 Hudson Yards.Even retired teachers in Ohio have an interest, since their pension fund owns a 20 percent share of 10 Hudson Yards.
“The world has topsy-turvied, so we would expect the trustees on the board to be mindful of the overall performance of real estate in the portfolio,” said Mark Hill, secretary-treasurer of the Ohio Education Association, and a former trustee of the State Teachers Retirement System of Ohio.“The world has topsy-turvied, so we would expect the trustees on the board to be mindful of the overall performance of real estate in the portfolio,” said Mark Hill, secretary-treasurer of the Ohio Education Association, and a former trustee of the State Teachers Retirement System of Ohio.
James F. Wenk, vice chairman of Jones Lang LaSalle, a commercial real estate company, predicted that New York City real estate would be in a “temporary pause period” until the fourth quarter of the year.James F. Wenk, vice chairman of Jones Lang LaSalle, a commercial real estate company, predicted that New York City real estate would be in a “temporary pause period” until the fourth quarter of the year.
But he remains bullish.But he remains bullish.
“At the end of the day we’re all human beings, and we like to be in a physical space, sharing ideas, sharing emotions,” he said. “As it relates to the success of the Yards, this is still a game about attracting the best talent. The best talent wants to be in the most technologically advanced buildings, and Hudson Yards in general has those technological advantages.”“At the end of the day we’re all human beings, and we like to be in a physical space, sharing ideas, sharing emotions,” he said. “As it relates to the success of the Yards, this is still a game about attracting the best talent. The best talent wants to be in the most technologically advanced buildings, and Hudson Yards in general has those technological advantages.”
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