How Hudson Yards Went From Ghost Town to Office Success Story [The New York Times]
Pfizer, Inc. (PFE)
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Source: The New York Times
It was March 2019, and 13,000 people were on Manhattan’s West Side at a star-studded opening ceremony for the largest private real estate project in United States history: Hudson Yards.A year later, the development was a ghost town.Shops were closed and offices emptied; the coronavirus pandemic had walloped the corridor of luxury skyscrapers, high-rises and retail near the Hudson River that rose atop a mix of rail yards and parking lots. The roughly $30 billion planned neighborhood looked like it had fizzled before it ever got started.But now, five years after that grand opening, Hudson Yards has not only survived, but it has also emerged as perhaps the most dominant office market in New York City, a bright spot as companies across the country cut space in the shift to remote and hybrid work. The neighborhood’s glass-and-steel towers have attracted some of the most valuable companies in the world — including BlackRock, Pfizer and Ernst & Young — to pay some of the highest rents in the
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