Hudson Yards Retail Goes Vertical

Hudson Yards has hit another milestone.
Neiman-Marcus-rendering-300x229

Just one day after announcing a major law firm would be the first tenant at the 51-story Fifty Five Hudson Yards office tower, the ownership group said vertical construction has started on The Shops & Restaurants at Hudson Yards, the 1 million-square-foot retail and dining center also planned for Manhattan’s Far West Side.

Neiman Marcus will establish its first store in New York City at the massive Hudson Yards development. Scheduled to open in 2018, the 250,000-square-foot store will be the centerpiece of The Shops & Restaurants at Hudson Yards along with a new classic American restaurant helmed by noted Chef Thomas Keller. The five-story Neiman Marcus will be located between 31st and 32nd streets on 10th Avenue and will have more than 50,000 square feet of space per floor.

“We are extremely excited to go vertical on The Shops & Restaurants at Hudson Yards and to see our vision become a reality. As a 40-year veteran in this industry, having the opportunity to transform a neighborhood and create a new paradigm for shopping and dining in New York City is a dream come true,” Kenneth Himmel, restaurateur & president of Related Urban, the mixed-use division of Related Cos., said in a news release.

Related is one of the developers of Hudson Yards along with Mitsui Fudosan America, Inc., and Oxford Properties Group.

Himmel added that the group has, “experienced a tremendous response from the retail and restaurant community to the unique offering we are presenting at Hudson Yards and are in the process of finalizing numerous leases that will complement Neiman Marcus’ flagship New York City store and Thomas Keller’s new restaurant venture.”

The Shops & Restaurants at Hudson Yards is just one of several construction projects underway at the 28-acre site near the Hudson River that will cost about $20 million. When it is completed in 2024, it will have about 17 million square feet of commercial and residential space, including more than 100 shops and restaurants and an Equinox luxury hotel.

On Monday, Boies, Schiller & Flexner said it had agreed to move its law firm to Fifty Five Hudson Yards, the 1.3 million-square-foot office tower being built at the northeast corner of 11th Avenue and West 33rd Street. It is one of three office skyscrapers, along with 30 Hudson Yards and 10 Hudson Yards, which will be built.

The developers said construction of retail portion started after the site got its first shipments of 100,000 tons of steel, one of the largest orders ever placed for a commercial real estate development.

“This steel delivery marks another major milestone in our construction schedule. 2015 will be another banner year for Hudson Yards with the vertical construction on the retail center, 30 Hudson Yards and completion of the Eastern Rail Yard platform,” Ron Wackrow, executive vice president of Related Cos., said in the release.

Hudson Yards is being built over active train tracks and rail tunnels so two massive platforms have to be constructed to serve as a foundation for much of the development. Construction began in March 2014 on the Eastern Rail Yard platform which is expected to cost about $700 million to complete.