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New York City Unveils the Most Expensive Real Estate Project in US History

New York City Unveils the Most Expensive Real Estate Project in US History

On March 15, 2019, thousands of people lined up to become the first to witness real estate history. Hosted by CNN’s Anderson Cooper and singer Andra Day, Hudson Yards’ grand opening brought together hopeful residents and celebrity figures in true illumination. This 28-acre private real estate development is known as “the cultural center of Manhattan’s New West Side” and is completely transforming the New York City skyline and how residents live. With a price tag of $25 billion, it’s also the most expensive real estate project in the county and the biggest in New York since Rockefeller Center was completed 80 years ago.

Living at Hudson Yards

Hudson Yards is located above the Metropolitan Transportation Authority rail yards on the West Side of Manhattan. 15 Hudson Yards is the first residential building to open in the complex and already more than 60 percent of the condos have been sold. Those that remain range from $3.9 million for a two-bedroom to $32 million for a duplex penthouse. Therefore, buyers and renters will either need to save up, their equity, explore the option of equity release, or take out a loan to live in the luxurious community.

The Building’s Design

Only half of the 28-acre community is completed, but is currently breaking grounds in the realm of urban living. Developed by Stephen Ross and designed by Thomas Heatherwick, the architecture brings in a sense of cohesion as private life extends into the public space and culminates with a collective program for quality of living. The building has a vertiginous stack of 154 flights of stairs that raise up 15 storeys into the sky. The concept of its architecture is known as a desire line, and creates a path in the ground where people want to walk, rather than where they can walk. Therefore, the building’s design allows people to go where they want and do what they want in their own home and community. When the rest of the Hudson Yards is completed by 2025, it will truly be a magnificent masterpiece lunging towards the sky.

The Amenities

The current building structure offers 40,000 square feet of amenities, including a 75-foot pool, a private spa and yoga studio, club rooms, private screening room, a fitness center, and a children’s “imagination center”. The residences even allow people to buy wine cellars from $25,000 to $200,000. The complex also incorporates an assortment of shops, restaurants, offices, public squares, and gardens among its private residences. The major dining complex will offer restaurants run by celebrity chefs such as Thomas Keller, David Chang, Michael Lomonaco, and José Andrés to provide residents with the best food on the market. Later on, the project is expected to include a public school and cultural center known as the Shed which will have a retractable outer shell for both indoor and outdoor events.

Hudson Yards is revolutionizing the real estate business. By combining private and public spaces, it is creating a hub for residents that provides them with everything they need. This may be the architecture of the future and the start of some interesting real estate investments.

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