Related’s towers rising over the Eastern Railyards as part of the Hudson Yards redevelopment have been well over a decade in the making, but one block to the north, progress has been substantially faster on the redevelopment of the southwest corner of 34th Street and 10th Avenue. YIMBY previously reported that Mitsui Fudosan took a 90% ownership stake from Related as of early September, and now, excavation is underway.
The site’s old McDonald’s is now a distant memory, and a gaping chasm has appeared in the earth where it used to be. Excavation equipment has made seemingly quick work on the lot, although progress must also extend underneath the old Coach Headquarters, which still has a few floors to go before it is completely leveled.
The new tower will comprise 2.9 million square feet of office space, becoming one of the largest such buildings in all of New York City, with a soaring and substantial design by Foster + Partners. YIMBY featured a fresh batch of images back in July, which give a decent idea of just how prominent the 985-foot supertall will become on the Midtown skyline.
Building applications for the entirety of the skyscraper remain missing in action, with current filings confined to the 887,600 square foot and 12-story office base.
Mitsui Fudosan’s stake puts the project’s value at $3.6 billion, and with excavation and demolition continuing to make quick headway, the tentative 2022 completion date seems to be well within reach. BlackRock has already signed on for 850,000 square feet of space.
This article was written by Nikolai Fedak and originally appeared on New York YIMBY:
The crunch. The bubble. The squeeze. Whatever you want to call the current housing climate, the good news is that more concrete and steel boxes are hitting the market soon.
The phrase "porte-cochere" comes from the French phrase "carriage porch," and throughout New York, several of the buildings that have these covered entrances or driveways date back to a prewar era when carriages were the main means of conveyance.
Cars have long since displaced horses as the dominant means of conveyance, but port-cocheres have become a key feature in New York’s luxury buildings.
