Hudson Yards opens to the public Friday, giving the city a genuine new neighborhood where once it had only a railroad yard and a few long-empty industrial hulks.
Credit for this remarkable achievement goes first to former Mayor Michael Bloomberg, who pushed through the rezoning that allowed the development and engineered the deal that got the No. 7 subway line extended to bring mass transit to the area.
But that only set the table. Designing and building the nation’s largest private real estate project ever was a joint effort by Related Cos. and Oxford Properties Group.
It’s not just luxury high-rises and high-end offices: There’s a public school and a performing arts center as well as a wide range of restaurants and retail shops — plus the highest outdoor observation deck in the Western Hemisphere.
Not to mention a truly striking addition to the city skyline. Even then, the 28-acre Hudson Yards is only part of the new ’hood — with more to come.
In all, the mega-project uniquely represents the best that New York has to offer as a world-class metropolis — truly, as The Post’s Steve Cuozzo has noted, “a spectacular project.”
Critics count $6 billion in subsidies for it all, but more than a third of that was for the No. 7 extension, and financed by future revenues from the development. Nearly all the rest was similar pump-priming reductions in future tax collections, without which the whole area would still be generating no revenue and no jobs.
We had plenty of issues with Mike Bloomberg, but this is one huge way he did right by the future of New York. Not many mayors have ever left a bigger mark.
Source: Read Full Article