With a casino not in the cards for Hudson Yards West, Mayor Eric Adams and Related Companies announced Tuesday a revised tentative agreement for the development that increases the number of permanently affordable housing units planned for the site.
Under the updated proposal, at least 625 of the 4,000 new residential units would be designated as permanently affordable, up from 420 as was previously planned. The city also said another 139 affordable apartments nearby would be preserved.
The $12 billion development, located on Manhattan’s Far West Side, is expected to include 6.6 acres of public open space, a new K-8 public school with 750 seats, and a daycare facility. City officials estimate the project will generate around 35,000 temporary construction jobs.
According to the city, future tax revenues generated by the development would fund infrastructure improvements, including a deck over the Western Rail Yards.
“With the historic agreement, we will finally bring this decades-long project to life and build thousands of new homes for New Yorkers in the heart of Manhattan,” Adams said. “Crucially, we fought to make even more of these units affordable so that working-class New Yorkers can live in the city they help run every day.”
The announcement comes after Wynn Resorts dropped its bid to build a casino on the site in May, following sustained opposition from local officials and community members.
Jeff Blau, CEO of Related Companies, described Tuesday’s deal as a “historic moment” and credited collaboration with city leaders, including Adams, Council Speaker Adrienne Adams, and Council Member Erik Bottcher, among others for ensuring “the final Hudson Yards West plan meets New York’s needs: more housing, green open space, and more access to opportunity and thousands of jobs for our workers.”
“Now we’re ready to get to work, finish the job at Hudson Yards, and create a vibrant community that will make New York City proud for generations,” Blau said, crediting council staff for preparing “the unique mechanism to fund housing as part of the new development.”
The revised plan still requires approval from the New York City Council, the Industrial Development Agency, and the Hudson Yards Infrastructure Corporation.
Bottcher, who represents the area and opposed the earlier casino proposal, had previously reached a deal with Related Companies that increased the amount of open green space from 5.6 acres to 6.6 acres, and boosted the number of affordable rental units from 324 to at least 400. The Council Member welcomed the updated deal as “one of the most significant expansions of Manhattan’s housing stock in decades.”
“Thousands of new residents will help Hudson Yards become the vibrant, 24/7 community it was meant to be — full of life, energy, and opportunity, day and night,” Bottcher said. “And, importantly, this plan does not include a casino — it puts housing, jobs, and community first.”
The larger Hudson Yards project is valued at $25 billion, making it one of the most expensive real estate developments in U.S. history.
