In January 2005, the New York City Council approved a comprehensive rezoning of the Hudson Yards that will transform this area into a vibrant, medium to high density extension of the Midtown business district with residential, cultural, hotel, and retail uses and substantial new open space and parkland.
The rezoning allows for:
24 million square feet of new office space
13,500 new housing units, including almost 4,000 affordable units
1 million square feet of new retail space
2 million square feet of new hotels, including a new headquarters hotel for the Javits Convention Center
In December 2009, the New York City Council approved a comprehensive rezoning of the Western Rail Yard that will transform this open air railroad storage yard into a vibrant, transit-oriented, mixed-use development with approximately 5,000 apartments, office, hotel, retail, cultural and community facility, and parking uses, and 5.45 acres of public open space.
Extensive information on the zoning and development plan for the Hudson Yards area is available on the New York City Department of City Planning's website at http://www1.nyc.gov/assets/planning/download/pdf/plans/hudson-yards/hyards.pdf
District Improvement Bonus
Developers of commercial or residential projects in the Hudson Yards area have an opportunity to receive a zoning bonus that would allow their project to exceed the "base" maximum floor area ratio (FAR) established in the Zoning Resolution by making a District Improvement Bonus (DIB) payment to the Hudson Yards District Improvement Fund. The District Improvement Fund will be used by the City to help finance density-ameliorating infrastructure improvements in the Hudson Yards area, including the No. 7 Subway Extension and new parks and open space. The base maximum FAR and the maximum additional FAR that may be acquired through DIB payments are set forth in the Special Hudson Yards District provisions of the Zoning Resolution
The Zoning Resolution initially established the DIB price at $100 per square foot, but requires the New York City Department of City Planning to make an annual price adjustment based upon the Consumer Price Index. Notice of such increase and future notices of annual adjustments can be found on the Department of City Planning's website at https://www1.nyc.gov/site/planning/about/hy-bonus-mandated-notices.page
Eastern Rail Yard Transferrable Development Rights (ERY TDRs)
The Eastern Rail Yard Transferrable Development Rights ("ERY TDRs") are development rights that HYDC is authorized to sell to owners of certain properties within the Large Scale Plan Subdistrict (Subdistrict A) of the Special Hudson Yards District. ERY TDRs are available for purchase pursuant to the ERY TDR Pricing Policy ("Pricing Policy") adopted by HYDC.
HYDC has prepared detailed information on the Hudson Yards development program, zoning, and particular development sites in the Hudson Yards area. Click here to download a PDF.
Since the city first rezoned the area in 2005, more than 5,600 apartments and more than 3,900 hotel rooms have been built in Hudson Yards, giving life to the city’s vision for creating a new mixed-use neighborhood in the heart of Manhattan. With the Number 7 Subway Line Extension and the Hudson Park & Boulevard completed, the public sector’s investment in infrastructure upgrades is estimated to have already spurred more than $5 billion of investment by some of the city’s leading developers. And that represents just the beginning of what’s to come.
According to Cushman & Wakefield’s “2011 Hudson Yards Demand and Development Report” [PDF], the Hudson Yards District will experience unparalleled construction activity over the next 30 years, as more than 50 million square feet of new office, residential, hotel, and retail developments are completed. Learn more about planned projects by visiting the websites below:
Hudson Yards – The Related Companies and Oxford Properties have partnered to transform MTA’s rail yards, a 26-acre site, into 12 million square feet of mixed-use development, with more than 10 acres of public open space.
Manhattan West - More than 5 million square feet of mixed-use development is planned for Brookfield Properties’ Ninth Avenue site.
55 Hudson Yards – The Related Companies' 1.4 million square foot tower is planned for West 34th Street and 11th Avenue.
Learn more about projects that are planned, under construction or have already been completed in the Hudson Yards area by visiting the websites below: