Moinian Launches $2B Manhattan Tower
- Nov 06, 2017
The revitalization of Manhattan’s Hudson Yards district took a major step forward on Friday with the groundbreaking for 3 Hudson Blvd., a $2 billion office tower planned by the Moinian Group.
The 53-story, 2 million-square-foot project represents a significant addition to the Hudson Yards district and the first major redevelopment north of 34th Street. Related Cos. is developing a nearby 18 million-square-foot mixed-use community on a platform above the railyards.
“We never thought that an entire new neighborhood of this size and scale would someday change the skyline of New York,” said Joe Moinian, founder & CEO of the development company, during remarks at the small public park adjacent to the future site of the office tower. Moinian has been a pioneer in envisioning the area’s potential.
“I think Joe and his development are getting in at the right time,” said New York Gov. Andrew Cuomo.
Among other major real estate and infrastructure projects in the region, Cuomo cited the redevelopment of the former U.S. post office into an expanded Penn Station and a new subway link from Times Square to the Hudson Yards district, which includes an entrance on the future site of 3 Hudson Boulevard. Cuomo predicted that the Hudson Yards area “is going to be the hottest development in the city by far.”
Since its original version was unveiled several years ago, the project’s design has been revised considerably by the project architect, FXFOWLE, in response to feedback from the market. Prospective tenants have expressed a preference for larger, more open floor plates than the original design called for, so the tower’s height has been reduced from 63 stories and floor plates have been enlarged.
Demonstrating confidence in the demand for trophy office space in Manhattan’s newest major office market, Moinian is proceeding with construction before securing a commitment from an anchor tenant. JLL is representing the developer in negotiations with prospective occupants.
Following the event, Moinian told reporters after the event that the company will be able to internally finance the $100 million cost of the tower’s foundation, and indicated that conversations are under way with potential investors, such as participants in the federal EB-5 program.