The west side of Manhattan has long been known for being an aging industrial area, often referred to under its nickname, “The Wild West.” However this once desolate area of the city is now ready to start a new chapter as one of the biggest private construction projects in the country. This project is looking to completely transform this industrial area of Manhattan’s West Side, into a completely new luxury destination for New Yorkers. The project will include a massive cluster of 20 new building, 17 of them being high rises.
The new project is being called Hudson Yards, and the $20 billion venture is being headed by Related Companies and Oxford Properties Group. The development will be built adjacent to another big Manhattan project, the $4.5 million Manhattan West complex, an endeavor that has been named the biggest private real estate venture in decades. The two projects will be completed in 2024, and will feature 22 million square feet of new space.
In this new development there will be plenty of new office building, and of course some new luxury real estate ventures. There will be more than 6,000 luxury residential units once the projects are complete. Plus, big name companies such as Time Warner have already revealed that they are building new headquarters in this area, and Coach has already revealed they will be opening their new office in 2015. With big names like this coming to the new development, it should come as no surprise that many high-end luxury homes are following.
While it will still be several years before the project is complete, one thing is for sure. Luxury buyers who are looking for a new investment in the next few years, may want to look towards the once vacant “Wild West” of Manhattan as this area may just be the new heart of the city and a new home to some of the most impressive new buildings New York has ever seen.
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