Thursday, May 17, 2007

Get out your checkbooks

New York City and the MTA (which owns the dirt) are putting the Hudson Yards up for auction. But the yards, at 11th between 30th and 33rd, are not going anywhere. So this will be an air rights deal with a billion dollars worth of platforms on which construction will commence, a number of which we have seen in Chicago. Bloomberg's vision is to turn the yeards into the next business district -- another Rockefeller Center.

Assuming it ever gets done, this is going to be one expensive, challenging and LONG project. One has to coordinate with trains, deal with platforms, drill caissions between tracks...oh, man, the engineering will be insane. And it'll be interesting to see whether the old High Line El, which is to be converted into an elevated park, will survive. Developers will not want to deal with that, too.

You might be able to make a career out of one deal. If you think this 12.3 million sf project will be done in ten years, let me know what you are taking and send me some. Fifteen or twenty years may be more realistic.