Extell’s One Hudson Yards is set to soar
Last Updated: 1:02 AM, May 29, 2012
Posted: 11:27 PM, May 28, 2012
Original Kohn Pederson Fox design for the World Product Center.
Extell just tapped Jones Lang LaSalle to find tenants for the 56-story, 1.7 million square office tower to rise on the east blockfront of 11th Avenue between W. 33rd and 34th streets. The project was first announced in 2009, when Barnett was to partner with Israel Green in what was then called the World Product Center. But plans for the arresting, Kohn Pedersen Fox-designed tower went on hold. Extell and Green parted ways and the site is today an empty lot.
Now, Barnett’s again itching to build. “We believe we have the best location in the area, on terra firma [rather than above a rail yard]. We’re right at the new No. 7 line subway station, at the foot of a new park and across from the Javits Convention Center,” he said.
Barnett won’t start construction without pre-leasing half the tower — “at the rents we’re going to charge, it would be suicidal,” he said. Asked what the rents might be, he said with a laugh, “Between $50 and $100 a square foot.”
Related Cos. is the designated developer of the Hudson Yards rail site bounded by 10th and 12th avenues and West 30th-33rd streets. Extell’s site is just north of it in what city officials call the “Hudson Yards area.” Was Barnett worried the name might steam up Related chief Stephen M. Ross?
“I’m not interested in steaming up anybody, much less Steve Ross,” Barnett told us.mBut Ross fumed, “I don’t know why he is trying to deceive tenants and the public.”
Barnett said he’s cooperated closely with the MTA on the new subway station and helped the agency assemble the site. He said station construction also put in place some of the foundation for his tower, which will reduce Extell’s cost and allow it to build swiftly.
“We have the ability to begin vertical construction by the end of the year,” he said, “and the ability for our tenants to do their buildouts in 2015.”
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