Related Co. and Oxford Properties Group said Monday that the 28-acre Hudson Yards development will contribute close to $19 billion annually to New York’s gross domestic product.
That will account for about 2.5 percent of the citywide gross domestic product. The development will also contribute nearly $500 million annually in city taxes. Companies and buildings at Hudson Yards will generate 55,752 direct jobs to the new West Side neighborhood.
Hudson Yards, which spans from 30th to 34th Streets between 10th and 11th Avenues and 30th to 33rd Streets between 11th and 12th Avenues, will include 17 million square feet of commercial and residential space. Ten Hudson Yards is home to such firms as Coach Inc., L’Oréal USA, The Boston Consulting Group and SAP, while 30 Hudson Yards will house such firms as KKR, Wells Fargo Securities, Time Warner, HBO and CNN. The development will also include the city’s first Neiman Marcus and a 200-room, Equinox-branded luxury hotel.
The report, prepared by Appleseed, a New York-based consulting firm, provides economic research and analysis and economic development planning services to government, non-profit and corporate clients.
New York Deputy Mayor Alicia Glen said, “The impact of Hudson Yards is real and this economic report is a clear affirmation that the city’s infrastructure in investment was a wise one. What’s more, this smart, mixed-use development and that of the broader district will bring along with it thousands of affordable apartments and living-wage jobs for working New Yorkers, strengthening our people and our economy.”