Manhattan is getting a new project that will be over the Lincoln Tunnel. Hudson Mews will have over 800 apartments and be built at a cost of 450 million dollars. When people talk about the high cost of real estate in New York there is a good reason for it. The area where Hudson Mews is going was in the heart of Hells Kitchen, one of the poorest and worst parts of Manhattan. Now the region will be filled with luxury apartments. There is no space left in Manhattan and all parts will gentrify shortly.

The Port Authority Board of Commissioners voted to approve a transaction with the Dermot Co. Inc. and Equity Residential to develop two apartment buildings in the Hudson Yards area. The estimated cost is more than $450 million.
The firms will also develop the approach ramps on Dyer Avenue between 36th and 38th streets. The development will involve construction of platforms over the Lincoln Tunnel entrance and exit ramps. The two 18-story rental apartment buildings will be on top of the platforms.

The 650,000-gross-sf complex will contain 800 rental apartments, street level retail space, a garage, 10,000 sf of community space, and 25,000 sf of public open space. Construction on what is preliminarily named Hudson Mews is expected to begin in mid-2007. The JV is expected to apply for financing under the New York State Housing Finance Agency’s 80/20 tax-exempt bond program which would require 20% of the units to be designated as affordable housing.

via the Globest

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