'One Hudson Yards' Tower Set To Soar

Extell Development is reviving a long-dormant, $1-billion West Side project — and has named it “One Hudson Yards” - even though it’s not associated with the $15-billion Hudson Rail Yards project, presently under development by the Related Cos.

Extell has tapped Jones Lang LaSalle to find tenants for the 56-story, 1.7 million square office tower to rise on the east side of 11th Avenue between W. 33rd and 34th streets. The project was first announced in 2009, when Extell was to collaborate with Israel Green on what was then called the World Product Center.

However, plans for the arresting, Kohn Pedersen Fox-designed tower went on hold. Extell and Green parted ways and the site is today an empty lot.

Now, Gary Barnett is again itching to build. “We believe we have the best location in the area, on terra firma [rather than above a rail yard]. We’re right at the new No.7 line subway station, at the foot of a new park and across from the Javits Convention Center,” he said.

Barnett will not start construction without pre-leasing half the tower — “at the rents we’re going to charge, it would be suicidal,” he said. Asked what the rents might be, he said with a laugh, “Between $50 and $100 a square foot.”

Related Cos. is the designated developer of the Hudson Yards rail site bounded by 10th and 12th avenues and West 30th-33rd streets. Extell’s site is just north of it in what city officials call the Hudson Yards "area.”
Related chief Stephen Ross fumes, “I don’t know why they are trying to deceive tenants and the public.”

Barnett said he’s cooperated closely with the MTA on the new subway station and helped the agency assemble the site. He said station construction also put in place some of the foundation for his tower, which will reduce Extell’s cost and allow it to build swiftly.

Extell Development has the ability to begin vertical construction by the end of this year, and the ability for tenants to begin their build outs in 2015.

Extell owned the site for years, long before the No. 7 line extension project came along. Then, lo and behold, the site falls at the foot of the Hudson Yards train stop - the only train stop there is going to be. The station with an undulating entrance canopy by Toshiko Mori is to open in 2015.