A New Path to Finish The yards
If approved during the zoning process, Hudson Yards West would now be among the largest additions to Manhattan’s housing stock in decades. Revisions to the plan were shaped by feedback from over 200 community meetings where housing emerged as a top priority of the local community. During those meetings, countless New Yorkers sincerely requested that Hudson Yards West find ways to boost housing supply, while also recognizing the severe financial restrictions imposed by the platform.
While that proposal for Hudson Yards West would no longer include the office tower on the south side of the site, all other aspects of the proposal are preserved under the revised plan, including:
35,000 union construction jobs during development
A new, 5.6-acre green public park
A new public K-8 school, a daycare and a community facility
More than $2 billion in revenue for the MTA
And more…
Up To 4,000 Residential Units for New Yorkers
The expansion is made possible by an innovative public-private financing structure with precedent at Hudson Yards. By creating a payment-in-lieu-of-taxes (PILOT) program to leverage incremental property taxes, Hudson Yards West can overcome financial challenges of the site, including the necessary construction of a $2 Billion platform over the existing railyards. The program, which will finance the construction of the platform and infrastructure for LIRR, will then make it viable to replace a previously planned office tower with two new residential towers. In sum, this would allow for the creation of up to 4,000 total housing units on the site.
A similar financing model under the Hudson Yards Infrastructure Corporation (HYIC) was used to facilitate economic development at the eastern portion of the site, including the No. 7 train expansion and a new public park. That program did more than improve local infrastructure: it has already remitted more than $500 million in excess revenue to New York City due to the economic success of Hudson Yards, with an additional $2 Billion forecasted to be remitted by 2028.
If approved during the zoning process, Hudson Yards West would now be among the largest additions to Manhattan’s housing stock in decades.
$2+ Billion for the MTA
The redevelopment of the entire Hudson Yards West site – for which stakeholders have long advocated – and will add billions of dollars more in long-term economic benefits to New York while supporting our public transit system. Specifically, because of the location over the MTA's western rail yards, the agency will see added financial benefit critical to infrastructure needs as soon as the first shovel hits the ground.
The project will also have significant economic impacts on the local and regional economy through its development and operation, including a $13 billion investment in New York with $2+ Billion dollars for the MTA through rental payments, dedicated sales taxes and other revenue streams as a direct result of construction on the rail yard.