Related Moving Forward with More Housing at Hudson Yards

Advocating for Realtors and Homeowners: HGAR Takes the Fight to Capitol Hill

The Realtor delegation representing every state and territory rallied around several core issues that require Congressional action. These priorities were: expanding housing opportunity, protecting the Realtor business model and supporting homeownership for all Americans.

Mark Your Calendar: Community Housing Innovations Homeownership Expo to be Held on June 28

Prospective homeowners or those who already own a home but are at risk of losing it can get advice from bankers, Realtors, government agencies, mortgage companies, and others.

NEW YORK—The New York City Council approved necessary zone changes that will allow Related Companies to add thousands of new housing units at its Hudson Yards West project site in Manhattan. The additional housing development comes a few weeks after the developer abandoned plans to seek state approval for a casino gaming facility there.

The New York City Council’s actions on June 11 came a day after New York City Mayor Eric Adams announced a tentative agreement with Related Companies to increase the amount of affordable housing at Hudson Yards West by nearly 50% over the previous proposal.

Phase 2 of the project—which is valued at $12 billion—will now include 4,000 new homes at the site, at least 625 of which will be permanently-affordable units. Additionally, as part of the tentative agreement, another 139 units nearby will also be preserved as permanently affordable.

The city will use future tax revenues generated from the Western Rail Yards to support the financing of infrastructure, including the development of a deck over the existing rail yards. In addition to building thousands of new units of housing, the project will also include 6.6 acres of public space, a new K-8 school, and a new daycare facility on the site. The project is expected to create 35,000 temporary jobs throughout the development and construction process. The entire Hudson Yards project is now valued at $32 billion, making it the largest real estate development in U.S. history, city officials noted.

“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,” Mayor 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.”

“This is a historic moment for New York City, and this complex and transformational project would not be moving forward without the strong support and collaboration we’ve had from our city leaders on both sides of City Hall,” said Jeff Blau, CEO, Related Companies. “Mayor Eric Adams and his administration; Speaker Adrienne Adams and her team; Councilmember Erik Bottcher, who has been committed to delivering for his community; Chair Kevin Riley, Chair Rafael Salamanca and Councilmember Justin Brannan; have all worked hard to ensure 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. We are also particularly grateful to the Council staff who prepared the unique mechanism to fund housing as part of the new development. 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.”