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The Far West Side is the official name of a massive new development project being undertaken by The Related Companies in the Hudson Yards, located literally on the far west side of mid town Manhattan. With Time Warner Corporation anchoring one of their tow initial new office towers there, and Coach the other, the Related Companiesdevelopment is reaching critical mass as construction commences.
Just across the street, at the address to be known as 3 Hudson Boulevard, is another important, mixed-use, tower being planned by the Moinian Group.
A 54 storey, 1.8 million square foot, building designed by Dan Kaplan of architectural firm FXFOWLE the project will also have 22, 000 square feet of retail at street level. The top fourteen floors, or about 350, 000 square feet of the total space, are currently planned to be for luxury residential use.
Rendrings for the Related Companies’ own project show the station for the new extension of the Line 7 subway to the neighbourhood to be right across the street from them. And indeed, the station will actually be coming to the surface on the opposite corner, right beside this new development of the Moinian Group which is located at 34th and Eleventh Avenue.
Now Joe Moinian, the founder of the Moinian Group, has just released some new renderings of their own planned building. In introducing them Joe Moinian said, “We are set to deliver a truly spectacular building at 3 Hudson Boulevard – the pinnacle of the new Far West Side, ” … adding, “These new renderings wonderfully present the elegance and sophistication we are bringing to our tenants and the neighborhood.”
The renderings are indeed gorgeous and it looks like a wonderful building, but Moinian still has to land that all important anchor tenants. As an added attraction portions of the office tower are being marketed potentially as office condominiums, by leasing agents Avison Young, as an alternative to direct lease. That might also imply, however, that the project still has to gather some additional steam before it all takes off.
About Joseph Moinian
Joseph Moinian founded the successful ladies’ apparel company “Billy Jack for Her”, before venturing into real estate in 1982. Today, the Moinian Group operates a 20 million-square-foot portfolio of assets across the United States, valued at more than US$10 billion.
The firm’s holdings include the newly opened W New York Downtown Hotel & Residences and a stake in Chicago’s Willis Tower, once the tallest commercial building in the United States.
Moinian Group claims to be one of the few national real estate entities to develop, own and operate properties across every asset category, including office, hotel, retail, condominiums and rental apartments.
Living right next door to the Related Companies with this new project is not going to be a new experience for Joe Moinian. Three years ago during the recent severe recession he nearly lost a beautiful 758, 000 square foot office building at 3 Columbus Circle, right beside Central Park.
The building was undergoing a total renovation at the time, including new glass curtain wall, and is located just around the corner to Related Companies’ Time Warner Center.
When Moinian was struggling then and under water with debt no less a person than Stephen Ross, Related Companies’ Chairman, tried to squeeze him out of the building’s ownership – but did not succeed as Stephen L. Green of SL Green came to his rescue then. Both sides say today it was nothing personal; sure…