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MTA's Hudson Yards Commences Construction
- Client News
- December 4, 2012
Practices
Paul, Weiss client Metropolitan Transportation Authority (MTA) announced the start of construction at Hudson Yards, MTA's 26-acre site that was the single largest piece of undeveloped property in Manhattan and that is now set to become the centerpiece of the historic expansion of midtown Manhattan's central business district on the west side. Construction was commenced by the Related Companies and Oxford Properties, who are leasing the site from MTA, on the 1.7 million-square-foot, 47-story South Tower, at the northeast corner of 10th Avenue and 30th Street, which will be the future home of Coach Inc.'s world headquarters. At completion, the Hudson Yards development will include over 6 million square feet of commercial space, 5000 new residences, a new school and cultural center, and 4 acres of open space, including the northern extension of the High Line. The development will yield over $1 billion in revenue to MTA.
The Paul, Weiss team included real estate partners Meredith Kane and Salvatore Gogliormella.