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The head of the development firm now building the biggest mixed-use project in US history on Manhattan’s west side had some audacious things to say about NYC, and his Hudson Yards project in a recent interview with Bloomberg.
Asked whether the Treasury’s new regulations tracking the owners of luxury real estate would affect his business, Stephen had this to say: “I don’t think that’s really an issue, but since The New York Times wrote about it, it’s the typical reaction of government, [to pass tighter regulations].”
What Stephen wasn’t asked was whether there’ll be residential units priced at $3M and above, and therefore subject to the new oversight, at Hudson Yards. The answer: almost certainly. Unit prices per SF in the immediate area have been well over $1,500 per SF, and have exceeded $3k per SF—a price point where a 1k SF unit would run an even $3M. Related’s 15 Hudson Yards, which hasn’t released pricing yet, will be 70 stories and contain about 385 units in all.
Eastern Consolidated principal Adelaide Polsinelli tells us she expects the complex to have units in the $3M-and-up price range, but she says Stephen’s right when he says it’s not going to matter.
“For every challenge, there’s a loophole," she says. "Whoever’s legit is gonna find a way to [use an LLC in a way that’s] legit, and whoever’s not legit is not.”
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