The Luxury Tower in NYC Sitting Half Empty

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- real.estate.report
There is a luxury tower in NYC at 35 Hudson Yards that is considered one of the nicest and most exclusive buildings in Manhattan, but after 4 years on the market, the units are only half sold. Located in Hudson Yards, the $25 billion dollar community that Related developed, this luxury skyscraper seems to have done everything right, but why does nobody want to live there? In today's episode we dive into this story.
I hope that you enjoy this video and if you have comments please leave them below! See you next video!
-Scott
#hudsonyards
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[@ubbie20]

$8000 a month in HOA fees for that one unit at $6M is absolutely disgusting. Now imagine that, plus taxes, insurance, and other fees when purchasing a unit like that. Even for someone who is making alot of money a year. That 8k fee a month seems like and absolute rip off. I've never seen a monthly HOA fee so high for such unit thats only 2000sf. No wonder they arent selling. The greed is insane.

[@yuma3105]

Them windows ain't washin' themselves.

[@ubbie20]

I guess im grabbing the windex and a rope lol

[@dennisd9875]

I know it sounds absurd but believe me that is not the craziest common charges I have seen in Manhattan. For the price of the unit, it is only slightly above average in a new building. Also, it is not an HOA fee. In NYC we don't really have HOAs. He is using the site Zillow which is not going to be too accurate for NYC. For example, what is there listed under HOA could be a combination of common/maintenance charges and taxes. There are two common forms of ownership, co-op and condo, and depending on the structure the taxes may be part of common charges. If he were to use the NYC real estate site Streeteasy he could see the breakdown. I looked it up and it appears this building has a massive tax abatement, so taxes will be very low and a similar unit in another building may actually be more expensive in common and tax charges per month. Welcome to New York!

[@BH-2]

When their government don’t want Russian money don’t want Chinese money, not that many super wealthy global buyers left. These are not apartments the average workers can afford.

[@ubbie20]

@@BH-2 These are apartments even the top 1% in America cannot afford.

[@amooreperiod]

The problem with Hudson Yards is that it in NYC but not a part of NYC. It is literally turns its back on the classic NYC urbanscape. If you have the money and want to live in NYC, it is to be in the thick of city life and this is not that place. Every other area that you could choose, including Billionaires row, allows you to be a part of the NYC scene as soon as you set foot out of your building. For Hudson Yards, that requires you to travel and at that rate you might as well live across the river in Jersey City.

[@petermilien1]

Perfect description.

[@George-dk5mw]

i was going to say similar but thanks! really hudson yards is a no mans land. it feels so empty. for that money live in a beautiful neighborhood with some life to it.

[@Cygx]

The cheapest unit that was sold in Hudson Yards is a 2-bedroom, 2.5-bathroom apartment at 15 Hudson Yards. The unit sold for $3.9 million in March 2023, which is a 40% discount from its original asking price of $6.5 million. The apartment is located on the 39th floor of the building and has 1,300 square feet of living space.

[@justinmiller1118]

Not bad

[@baalzebub5000]

Expensive cell.

[@darwinatgc]

Hope the selfish pig developer loses her shirt.

[@jeff4invest]

The cheapest unit was marked up by 100%, the developer still makes a 60% profit after a 40% "discount" .

[@puzzlebox420]

who would of thought most people don't have millions to spend on a shoebox apartment 😝

[@Real.Estate.Report]

Haha… I guess that’s a good point. But hey there is a lot of money in New York City!

[@TheJumpingGuy]

Plus you have to look at New Jersey

[@eattherich9215]

😂😂😂

[@godlugner5327]

​@@Real.Estate.Report you're right there's literally money floating in the air if you know how to make the right net, and all I knew was location location location and sex sells.... early 2010s take the extra student metro ride hang around bougie tourist neighborhoods (people already spending money Soho, high line, central park) and a cardboard sign with "Free compliments" to target a group (a couple is much less likely to stop than a group of 4/5 if just one person stops) Throw on some charm and flip over the sign for "Dëluxe Compliments: $5" you'd be amazed how well peer-pressure works on middle-aged people who just saw their friend get a compliment and now they want one

[@joechang8696]

quote from Tower Heist movie: Josh Kovacs: The average apartment in the Tower costs 5.6 million dollars. We have the best views, the most advanced security systems, but you know what these people are really buying? Rick Malloy: White neighbors?

[@godlugner5327]

(Used to work at 30 Hudson yards) the entire complex not just one building can go into what's called "Island mode" They have rooms for inflatable barracades around the site to deploy a flood barrier that surround the entire campus and seal massive submarine doors in the lower levels and parking garages to protect the occupants from any one outside getting in.... Whole city loses power? This entire compound is a cogeneration plant and can power itself from on site micro gas turbines (usually collecting waste heat energy and converting it back into electricity to sell to Con Edison at peak hours)

[@Real.Estate.Report]

WOW! That is awesome. Thanks for sharing

[@mrchrisliddell]

Fascinating!

[@TimothyCHenderson]

So it's literally Romero's Land of The Dead movie.

[@mulemule]

Interesting. This helps explain the extreme monthly HOA fees that many are crying about on these threads.

[@mrbeau5387]

The rich are already prepared

[@BenjaminBanks615]

14k for his fees!?!? 😳😳 That’s why nothing is selling. That’s crazy!! Approximately 200k annually for an apartment!!

[@GeeTrieste]

Exactly. I wonder what kind of apartment you can get straight up for $14K a month, without buying it and without HOA "fees".

[@chocolateearrings]

What if it's a clerical error? 😮

[@BenjaminBanks615]

@@chocolateearrings then I still wouldn’t buy because they’re unprofessional. 😬😬

[@RJeezy55]

Great video and would love more deep dives into these types of developments. The only drawback is that NYC has/is becoming more of a safety deposit box for the ultra wealthy. This taking away from what made the city so iconic from the beginning, in being a melting pot of all levels of economic class.

[@swagatopablo]

It's not a drawback, it's a feature. Cities like NYC, London, Singapore etc. have some status symbols to their name, and intended for smart and ambitious people. If you want to live in London, it is fair to expect that you are a successful person, who is in a good profession.

[@pimpnamedslickback7780]

Crazy how billionaires row and hudson yards are all giant wastes of money yet got billions in tax beaks. Imagine if avg people got those types of benefits. Imagine if NYC built affordable condos or rent controlled apartments using that money. They'd be filled to capacity rn

[@ewnyMetroExpress]

Eric Adams should consider to house the migrants in these buildings.

[@divinep1912]

The cost to build plus cost of land make zero sense. Soooo you want the state to build "affordable" housing so what the people who can barely cover rent can then complain about the cost of other things they can not afford?? Iook I come from NYC housing projects. I get the wishful pie in the sky thinking but fact of the matter is its not financially feasible nor fiscally responsible. And it for sure isn't what makes NY NY. There are 3 types of New Yorkers The people who hate the rich people in manhattan always have always will but want desperately to be them. These people usually never move 5 blocks from the house they grew up in in any borough you name. The people who live by the if you make it here you can make it anywhere and they hustle. Both are the heart of the city. They there are the rich outta towners who ask for stupid crap like make it green and walkable like my home city of Seattle 😂. The Johnny come lately adopted new Yorker. But here is the facts get off your stoop and get hustling or Stat on your stoop till your 80 complaining 🤷🏾‍♂️.. it's the way of the city always has been always will be. You either love it or you don't

[@ChiSoul]

Hudson Yards is a beautiful neighborhood! I lived in NYC before I moved to Chicago last year. It's a shame that it's not as successful as they anticipated.

[@cimagination9324]

Good for them hope the whole thing collapses into the train tunnels

[@the0ne809]

I mean how many people can spend tens of millions for a single apartment in NYC. 99.9% of NYers cannot afford it. Even if all apartments are bought most will be empty for the most part of the year if not ever. I

[@user-ct8ee8od6o]

I see it's easy to dazzle you with shiny things, huh bruh?😂

[@gabrielp931]

Battery Park City took awhile but it has been a success. Only NYC can handle a massive development of this magnitude.

[@notshylo]

It's really not the best location for super high-end apts. Feels kind of far from everything.

[@Real.Estate.Report]

Now that you mention it, that makes sense. I’ve only been once and it was a while ago.

[@Bxr12]

That’s 100% correct

[@drinny26]

I worked for Hundson Yards. It’s a huge failure. I even attending meetings where all the corporate big wigs were joking about how many people would kill themselves at the vessel.

[@albertko1]

I dunno about the general positive press... news and opinions from locals about the Vessel and the project have been fairly critical if we're talking about actual opinions not "press releases." The reason why the Vessel was closed was because people kept jumping from it. Considering you what you can get just across the river in NJ or even just elsewhere in NY for less than half the price and more sq ft, a yard, a garage... with hybrid work, the only draw would be the views. It's a tough sell. Meanwhile LA County real estate... you are getting people buying up places in the multimillion range.

[@industrialize]

Good timing on this video as I'm reading The New Kings of New York and it talks about the Hudson Yards development. Great video explaining it!

[@Ceodayone]

I live one neighborhood over in Chelsea. Hudson yards is dead after sundown pretty much. Not much to do there. It’s not a destination.

[@BillyLapTop]

Yea, regarding Hudson Yards, timing is key. The virus changed everything, especially on the office front, thereby reducing the need for high end and affordable residential space. It makes no sense to continue building out phase 2, In the meantime there are other projects being built midtown that will only further saturate the Manhattan vacancy rate for offices and high end residences. Gone are the days of "If we build it, they will come." Good video. Glad you highlighted this project. Too bad it is in the doldrums.

[@Real.Estate.Report]

Well said… I think you’re right about phase 2. No reason to start it at this point. Times have changed.

[@jlasf]

@@Real.Estate.Report Barry Diller paid $260M to create Little Island. Maybe another NYC billionaire will pay to turn phase 2 into a park. Crazy, but wouldn't it be cool to have a great lawn area?

[@tjr4459]

The area is by no means in the doldrums, people are still buying. The developer just needs to be more realistic with their pricing.

[@julianmckernan1348]

Great video Scott… as an Aussie it’s cool to get an understanding of the US markets. Your detail and perspective is super👏👏 Thanks for sharing. 👍👍

[@Real.Estate.Report]

Glad you enjoyed it! I’ll keep the videos coming!

[@starglow4375]

THE WELL INFORMED AND SCIENCE EDUCATED KNOW THE FOLLOWING VERY WELL THAT CITY APARTMENTS LIKE THE OFFICE BUILDINGS ARE NOW LIKE SUPER EXPENSIVE COFFINS IN AIR SPACE TRAPPING YOU WHILE COOKING YOU AS IF YOUR ARE LIVING IN A MICROWAVE BOX THAT'S COOKING YOU 24/7 YEAR ROUND. ALL OF NEW YORK CITY RESIDENTIAL BUILDINGS, OFFICE SPACES, YOUR SUPERMARKETS, YOUR GROCERY STORES, GYMS, ALL SCHOOLS, HOSPITALS ETC... ALL HAVE THE NEW SMART METERS PULSING RF RADIATION THROUGH THE ELECTRICAL WIRES INCLUDING IN THOSE EXPENSIVE WALLS OF THESE MILLION DOLLAR APARTMENTS CONTINUOUSLY EMITTING INTO YOUR LIVING SPACE ELECTROMAGNETIC SMOG ALSO KNOWN AS DIRTY ELECTRICITY CAUSE YOU AND YOUR A HOST OF ILLNESSES INCLUDING CANCER. NYC'S CON EDISON WILL SAY THAT YOUR PRIVACY IS SAFE WITH THEIR EQUIPMENT..... NOT, HACKERS CAN HAVE A FIELD DAY WITH YOUR INFORMATION JUST LOOK IT UP FOLKS. A CITY LIKE NEW YORK CITY HAS 2G, 3G, 4G AND 5G ANTENNAS EVERY WHERE THAT CAN GO THROUGH YOUR MULTI MILLION DOLLARS WINDOWS AND WALLS. CITIES LIKE NEW YORK WHO ARE BEING REMINDED THERE'S MORE PLANDEMIC TO COME CAN SURPASS THE NUMBER OF THE OVER 7O,OOO NEW YORKERS THAT HAVE ALREADY DIED FROM COVID 19. LETS NOT FORGET HOW RADIATION CAN ALSO CAUSE INSANITY AND NYC AND OTHER CITIES THERE IS A HUGE RISES OF NUMBERS OF MENTALLY INSANE PEOPLE, HECK EVEN IN BROAD DAY LIGHT ON A CROWED STREET IN NEW YORK CITY A GROUP OF POLICE OFFICERS STANDING TALKING TO EACH OTHER ONE WAS ATTACKED.

[@LMays-cu2hp]

Thank you for sharing this nice real estate property.

[@kanzaki0001]

It was developed for investors/REIT, not regular NY’ers

[@greencat8949]

It was developed for investors to hide their money😒

[@cyrilmauras4247]

These super thin tall apartment bldgs were grabbed up by speculators who didn't realize that even the super-rich do not want to live in these things. Therefore, most of these bldgs go unbought by actual tenants.

[@GeeTrieste]

I would love to live in one of those things; but even if I was super rich, I would balk at the cost of the supposed HOA fees. Those aren't "fees", they are rent, on top of the supposed purchase outright of the apartment.

[@zupermaus9276]

what is little reported for the splinter towers is the swaying from how thin they are (trapping people in lifts and causing nausea) and the inevitable, incessant noise of the wind (many are perforated to reduce the sway, but that also sets it up for a constant whine). This is why many of these billionaires are quietly suing the construction companies and owners for hundreds of millions, while at the same time trying not to draw attention to the faults in case their properties crash in value.

[@GeeTrieste]

$14,000 a month for HOA fees, AFTER supposedly purchasing the apartment outright? $14K a month is 4x the rent of a small apartment in NYC, and it is supposed to not be considered rent at that monthly rate, rather a monthly fee instead. HOA is not supposed to be a profit making organization, rather an oversight and usage fee administrative body for residents agreeing to its terms. And yet, I cannot see how that kind of monthly raking in per apartment of the entire HOA is not making a profit. If it is making a profit, and not just maintaining the building, then that IS rent, not maintenance fees.

[@DavidDatura]

Not as many filthy rich chumps in the world, as the original developers thought there would be, maybe 🤷‍♂️

[@tonywong7864]

My first time seeing your content . I enjoyed your video very much. Thank you.

[@vimak3368]

Great job bro

[@websurfer2344]

Fantastic!

[@MoeTea4U]

Here's an idea! Start helping low income and social housing for families that need help. Have the upper floor for high end buyers and young couples.

[@cristibaluta]

Then the existing owners will run like hell from there

[@stanlee3619]

People who have the money for the upper floors don't want to share an entrance, gym, and other facilities with low income people.

[@joshuad1716]

I’ve never seen such an expensive HOA, leads me to wonder, what the HOAs much be in some of these super high end communities elsewhere

[@fhmconsulting4982]

Upmarket developments can sometimes have difficulties for no apparent reason to us mere mortals. I walk past a development every day that 10 years ago set standards of development way beyond what was available at the time in our market. There are still numerous units for sale and many are now being conveted to rentals. Similarly, for some reason, this tower seems to have become the poor relation of the development for some un-spoken reason. I do hope it turns around soon as I really want to see this developer be rewarded with stage 2.

[@SpencerCornelia]

I'm glad some people out there love living in NYC because the thought of having to pay $15k/mo just for HOA to live in that city is wild. Not for me.

[@eattherich9215]

Can you afford to pay $15,000 per month for anything anywhere in the US?

[@lukeyznaga7627]

I think that tower, is the very same one that the famous movie critic, writer, and movie news KZbin reviewer lives in. Grace Randolph. In her videos, you can see the background window of her office/home. She lives I. That "ivory " tower. "Beyond the Trailer" is her show which includes Movie Math. She lives in the heart of New York City.

[@ABAtrading]

Barbara: “you convinced me that I made a bad decision purchasing these units and I’ve lost a lot of money on them, so for that reason I’m out”

[@douglashayes3167]

that was a great video!! so interesting!

[@Real.Estate.Report]

Glad you enjoyed it! I’ll keep ‘em coming!

[@kendahl7922]

Oh. Stephen Ross is making his next Big move in south Florida .couple fun projects include west palm beach office towers, which is needed and One Brickell in Miami .. the tallest tower in Florida and he partnered with Swire group a major HKG and British developer.. exciting.. at best I guess 5-10 years

[@Real.Estate.Report]

I saw something about that the other day.. will have to dive more into the story

[@timothybracken1728]

I'm in nyc , related is a hated dev group. They are the worse, don't feel bad for them at all. Shady practices and cheap materials were used in their other previous developments

[@imilliemedina666]

Agreed. I'm a retired FSD.

[@Eyeris625]

Builder should build more regular buildings/homes not luxury. It's insane to think that everyone can buy this.... it's why it's empty

[@trentbateman]

Economics of building in NY including government and union restrictions make that impossible. Only red states allow for affordable housing

[@anonymousman9824]

14,000/month HOA fees for a 3 bedroom 2000+ sqft unit is insane. For the unit price you can buy a LA mansion instead.

[@Dawn5048Batchelor]

Dying lama did a climb up on that years ago, massive place. Worth watching.

[@kendahl7922]

My take.. COVID, Russian war.and only so many Billionaires.. 57th, CPS, CPW, Upper East.. all have existing infrastructure.. Hudson Yards is NEW.. thus feel new $$$ audience.. it’s like Indiana Jones movie.. sounded good 7 years ago in pre development.. kinda same thing here as you try to guess the world 10-20 after you start projects. If 30-40. Grab Hudson yards condos.

[@Real.Estate.Report]

Great points. The neighborhood will catch up eventually… but it’ll probably be a while .

[@Hector52441]

$15k HOA fee per month? The Hell

[@furmanodell]

All of NYC is going through a reckoning. The city needs to get back on track.

[@tayne5009]

Regarding PH90, the difference between $59million and $35mil is actually $24million, not the the $14mil you stated.

[@danieldumas7361]

QUESTION; Have the developers started on their low-income house commitments, or are they planing on using this slow trickling income to get out of their obligations?

[@mafemartinez2235]

🎯

[@SalvadorThe4th]

Nope. They used up all the money on the expensive shopping center and equinox hotel and no longer have money to build the affordable housing units they said they would build

[@danieldumas7361]

@@SalvadorThe4th So, that means the 2nd half of the project also can't be completed!?!

[@JeffinSouthernTierNY]

Great video, Scott. I know you’re limited on time but a little deeper dive into the development would have been cool. Also, would have loved to hear your perspective as you to why those units aren’t selling, I’ve heard Billionaire’s Row is facing similar issues with low occupancy.

[@Real.Estate.Report]

I appreciate that feedback Jeffrey.. next time I’ll save some more time to throw my opinions in the mix. And you’re right, similar story on billionaires row.

[@cristibaluta]

I believe NY ran out of millionaires

[@simonl4657]

Something like 300,000 millionaires left nyc since covid. The city is a dump, high taxes, high corruption, high crime, high levels of homelessness, high amount of trash lying everywhere, high levels of leftist grooming of kids in schools. Which rich people with money would be stupid enough to want to live there

[@Bachconcertos]

The tower needs to be used for the homeless

[@aim-for-greatn3z947]

As a high end construction worker in NYC I WORKED and im still working in every single building in hudson yards and yes PEOPLE actually rent there paying 10-25k PER MONTH!!! but dont be surprised ALL throughout nyc theres zombie apartments and zombies buildings. Apparently theres a lot of people that Apparently can afford it 🤷🏾‍♂️ Wouldn't be me! I dont mind building the building but ill never live there paying 10-15k! And the reason the ceter piece is closed due to the fact people literally was jumping off and killing themselves 😂

[@nuozhoutang3347]

great video, just want to add that Related raised their capital to fund this project thru EB5 program, which is an immigration program that offers US greencard to people who lend half million dollars to the Hudson yard project and was promised to have their investment plus interests once the project is complete. The program begins in 2013 and up-until now, to my knowledge Related does not plan on to return the investment money back to those people in the EB5 program (the pandemic along with some complicated accounting maneuvers helped Related to not to pay back their investors' money). Therefore, you can't really call this a failure since they don't really have much to lose. There are tens of thousands people won't be able to get their investment back and it is same to say for these new immigrants they had their welcome to America moment.

[@Real.Estate.Report]

Fascinating... I was not aware of this detail

[@superfluous9726]

Hudson yards is just a dead neighborhood. The vessel is closed, all the stores and restaurants are over priced, and the homes are so expensive that the people who want to live there can't afford it and the people who own homes there either are using them for investments or as seasonal homes, AND the office building are largely empty. Such a waste.

[@JusdoinstuF]

Dope content, the development process is really interesting. I wonder if related owns the land or if the city leased the land to them which i hear is the common way of doing things now in the city.

[@Real.Estate.Report]

Thanks man. I don’t have my notes with me right now but I believe related bought this one outright.

[@JUAN75001]

NYC leases the land to them for 99 yrs 😂

[@uncleruckus7409]

In the 1990s the land where Hudson Yards now sits was a shanty town filled with homeless people. They erected cardboard and wooden shelters and drug use was rampant. Scantily clad prostitutes roamed the surrounding streets and the nearby docks and warehouses were abandoned or terribly damaged from decades of neglect. Just blocks away, the Meatpacking District was so deserted it looked like the aftermath of a war torn town. What the area has become today is remarkable!

[@Real.Estate.Report]

Would love to hear from the listing agents about why they are having a hard time selling. Seems like a great development…

[@yuma3105]

At 15 Hudson Yards "more than 25 units remain unsold, with the majority of them being higher-priced apartments. Some buyers are struggling to get a return on their investment: Ann Cutbill Lenane, a Douglas Elliman agent, bought her condo in 2017 for $4.84 million. She’s listing it for just under $4.5 million, having accepted she’s likely to take a loss. “I can’t beat myself up,” she said to the Journal, explaining that she feels embarrassed to be a real-estate agent losing money on a unit. “You always take a risk when you step into a new product. That’s just the nature of the beast.'"

[@larryo6874]

@@yuma3105 I read that a lot of these places were bought as investments only not to live in. Now that the market is going down people aren’t buying.

[@jamesalexander780]

Hudson Yards has a very poor reputation among people who live in New York. Compared to the rest of Manhattan it feels like a soulless development with empty suburban style mall nobody asked for and anonymous towers that could be in any city. It’s also not well connected to anything. To visit you have to leave the train station and walk a bit, or sit in Uber/taxi traffic on some of the busiest streets near the Lincoln Tunnel. You also failed to mention that the Vessel is closed to visitors because people kept attempting suicide from it. Buyers at this price point won’t balk at the $20,000 monthly fees in New York City; in fact they are spoiled for choice. There has also been a lot of controversy over how it received public funding intended for lower income areas and they have indefinitely pushed back later phases which were intended to have affordable housing. The development is largely considered a failure.

[@IGuess...]

@@jamesalexander780This is the informed comment I wanted to read!! 💯 🎯 💯

[@user-ct8ee8od6o]

Um, you don't get it? Seriously? Please look around and open your eyes. NYC has a glut of million dollar apartments and has for 20 years. These expensive apartments are generally used by the worlds mega rich to store money. They aren't meant to be lived in. All the rich people who usually buy up these properties already have these properties...... meanwhile NYC is short 500,000 apartments for regular people....but tell me again how much you like it, and don't get it. 😂

[@ewnyMetroExpress]

Very good analysis! The developer has used every inch of the space for the high-rises so the public area isn't much to accommodate the human traffic. Although it might be enough for the residents there, but Hudson Yards is now a super hot destination spot for the locals and the world. There are certain disadvantages I have encountered. 1. Impossible to find a public parking. I went there a few times and each time I circled over 45 minutes, no luck and had to deal with the horrendous traffic. 2. There is only one subway stop. The city and MTA only opened one station, the 7 train from 42 St Times Square. 3. High volume of tourists. I don't know how comfortable for anyone who paid millions of dollars living in a cramped up area to deal with this, unless they never plan to get out of their buildings. Of course, if you are rich enough you don't care. :)

[@arribaficationwineho32]

Interesting as there is no demand for office space in NYC. Nor any demand for high cost housing.

[@howardrubinstein6461]

Sorry, but as a lifelong New Yorker I need to tell you that your effusive praise for Hudson Yards is misplaced. The project is antithetical to how New York works as a city: there’s no street grid, no ground-level retail, and the shopping center is a dismal failure, with lots of empty stores now that many of the plebeian chains have left. There are no real New Yorkers there, just curious tourists.

[@Real.Estate.Report]

I appreciate the feedback from a local. Thanks for the comment.

[@TenThumbsProductions]

Yes!!!! Jane Jacobs would be pissed. What makes New York New York is all the life in the street.

[@SamMcKinley]

Many properties in NYC are empty. I don’t see how the bills are paid. Seems like defaults are coming or people just have money to burn. South Bronx property is also empty too

[@Yukiabiannightmare]

meanwhile people are struggling to find affordable housing

[@mrchrisliddell]

The whole point of living in NYC is proximity to convenience and I feel like the Yards are just too far away. There's only one train/subway that services the area and foot traffic would be minimal past 11th ave as the furthest west side train is on 8th. It's a solid 15+ minute walk out to the middle of nowhere. Of course most residents would have car service but still...

[@slvnyc2824]

They extended the 7 train to that site. But it must have been for tourists because people paying 15 thousand a month in hoa fees ain't hopping the subway.😊

[@mrchrisliddell]

@@slvnyc2824 exactly right. That's the "one train that services the area" I was referring to. But even people with car service don't want to be driven out to 11th 😅

[@yammt3148]

I hope this trend of gigantic, fraudulent waste leads to ruin for everybody involved. I want the developers living in boxes in alleys by the time this is through.

[@justinmiller1118]

Why? I went there and a lot of it was free and open to the public. I've heard some other cool things can be visited for like $30. There are so many worse instances of greed.

[@justinmiller1118]

Plus, they aren't taking up a lot of ground space that could otherwise be used for affordable housing. They are building on top of rail tracks, which if any building project genuinely did need to be funded by the wealthy or the government, this is it. Plus think of all the tax revenue this will generate for great things in the public interest.

[@yammt3148]

@@justinmiller1118 My Brother in Christ... Pedatory housing and fraud for tax benefits are one of the longest and most nefarious forms of greed in human history. There are not many worse than this, hate to break it to ya.

[@simonl4657]

Developers respond to incentives like everyone else. Unfortunately the incentives from government, federal reserve created this mess. So blame the politicians and blame yourselves for voting for these politicians

[@yammt3148]

@@simonl4657 Right, because voting either party totally makes a difference in housing market corruption... Sure, you can blame the politicians too, I'm not disputing that, but stop pretending developers aren't shitheads as well. It makes no difference who wins an election.

[@halitosis75]

The problem is the development is half completed and current towers may not have a view once the entire development is completed 😂

[@SamMcKinley]

2100 square feet is huge for a NYC apartment

[@cristibaluta]

With so many skyscrapers in NY they didn't run out of millionaires? The train yard was looking better and more fun

[@shadowfilm7980]

Glad you did a video about Hudson Yards. Interesting. I was wondering what is going on in this area of NYC. I think their prices are actually reasonable. So if they come down in price in the future then all the better. I agree with you about how small that kitchen is for a $13 million dollar condo! That’s ridiculous. It looked like a regular one bedroom apartment kitchen! A new one yes. But still!

[@slc801]

I think the HOA fees plus taxes doesn’t help !

[@SpencerCornelia]

$25 billion for a half full neighborhood lmao. they could have built a new city with that amount of capital

[@86Figs]

I wouldn’t buy a home in 35 Hudson knowing all of that phase two construction is coming in the near future. They promote those river views like they’ll always be viewable. 🙄

[@Real.Estate.Report]

That’s a good point…

[@CarianneRHixson]

I can’t ever figure out what this guy is looking at to his left and his right when he’s talking. I can’t unsee it lol

[@Real.Estate.Report]

Lol. I notice that during edits sometimes. I get why it looks weird. But it's just like if I was talking to you in person. Hard to maintain 100% eye contact through a 10 minute conversation. Similar with the camera. Hard to stare straight into the lens for the entire video.

[@TheJumpingGuy]

Hudson Yards is an extremely impressive feat of engineering, but not many people really want to live there. It's all brand new so there's no culture, no history, there's no "NYC Vibe" that the UES, TriBeCa, West Village, or even Midtown have. I can't imagine really wanting to live there except to have quick access to the Blade Heliport.

[@eattherich9215]

The developments around The high line are bad enough, Hudson Yards is just vile.

[@jazztheglass6139]

15,000 a month for HOA fees, is 500 per day, or 20.83 cents per hour.

[@nogames8982]

If they would turn some of those office buildings into apartments, the prices have dropped pretty quickly.

[@rosethyname]

15k monthly HOA Fees is WILD.

[@Real.Estate.Report]

I know!

[@uberglamazon]

Most New Yorkers would not be caught dead living in Hudson Yards.

[@paulkazzer]

Seems that stage 2 will block the river views westward from most of stage 1. Not great.

[@Real.Estate.Report]

That’s a good point …

[@px7460]

It's in the middle of "nowhere" and built like an island. That's why it's not selling.

[@MariaAntoinetteF]

Great video. I only go to Hudson Yards to get the Jet Bus, Bolt Bus, and the Mega Bus. The vessel has had 3 people jump off it committing suicide... bad omen. Plus its all the way off the beaten path....off 11th avenue near west side highway. Who wants to live way over there........? I dont even like to go there and get the bus. Its like a very lonely area. And it doesnt even have a park. All concrete. No jungle.

[@roryivey]

Get some train lines there… but that’s a heck of a task.

[@mafemartinez2235]

The buildings are boring, (‘oh look it’s another tall glass building that breaks up the skyline in a non interesting way’) It’s stupid. This wasn’t made for NY’ers, this was made for foreigners to buy as investments, I’m glad it’s tanking, hopefully it opens the eyes of these developers.

[@beasaroseco5840]

NY doesn't need anymore luxury apartments. We have a large working class that can't find affordable housing.

[@btbcc12859]

Are they any lawsuits? If I found out that my property has dropped in value by 50% I'm pissed.

[@nogames8982]

I guess I should feel bad for the developers because I haven't sold all the units yet. But sitting here in my 690 square-foot house in the lower middle class neighborhood because that's all I can afford. My sympathy levels are pretty much nonexistent.

[@dlmcc0202]

as a NYC resident I think they’ve overdeveloped as crazy as that may sound. It just isn’t the same city and many are leaving. what you see is a constant demand for the 1 and 2 bedroom “regular apartments” for the middle class here that need to be here for work. The demand just isn’t there for the wealthy. the Goldman Sachs crowd who can afford these are relocating to south Florida. It’s a beautiful building but Covid changed things

[@jpdurr]

seeming successful is not the same as actual successful. Prices need to reflect market conditions......

[@colorgreen7]

Your gonna buy your own mansion in the future

[@alex9046]

6:28 now I aint a math wizard but uhhh

[@Real.Estate.Report]

lol

[@KyleHubb]

Might as well get a home in the Hamptons.

[@SimeonToko]

Phase 2 is going to block the river view of 75% of the apartments built in phase 1. Why would I get a 30 mortgage on an apartment that won't have a view in two years?

[@mafemartinez2235]

Robert what a bad take. I thought the best architecture serves the people, not a bunch of 1%ers.

[@buckchesterfield8886]

Do you think these high-rise properties come with parachutes and explosive bolts in window frames? That would be mandatory for me

[@Real.Estate.Report]

The parachute is a good idea for emergencies...

[@M.Montgomery]

9:20 $14.964 per month (excluding tax and insurance) and these fees will increase with at least 6% (compounded) every single year. $20.025 per month in your sixth year $25.281 in year 10 $30.111 in year 13 $45.275 in year 20 well over $540k per year. This seems like a nice steady income stream relieving those millionaires and billionaire's from their ever-growing fortunes.

[@josephmessina3587]

No doubt they are empty considering they cost $5 million to buy or rent for $25k a month for starters. That said, in NYC affordable means it's affordable to the .5% who make at least $1million a year that can pay it.

[@TanukiDigital]

People don't want to live in a mall.

[@Peizxcv]

Why did you try to aggravate the listing agent by contacting him for comment? What do you want him to say? He have a tough job to do in a bad market and here comes a KZbinr sending him an email asking why he isn’t selling

[@Real.Estate.Report]

I always try to reach out to parties connected to these stories so they can offer their perspective. Also so I can get the story told as accurately as possible, Also, agents should be happy to hear from somebody prior to creating a piece of media. They could have added some detail to the story that would help their narrative and paint the project in a more positive light.

[@fmccloud]

When real estate like this struggles, I smile. All this effort to build homes for rich people. Disgusting. Hopefully it fails.

[@KingDanny9]

Agreed.

[@theup144]

Maybe I’m ignorant, but wouldn’t it make sense for developers to fund these projects by getting people to buy the units before they are built? (That is, to pledge that they will purchase them if enough other people also want to live in them such that the place will actually be used, and thus therefore have a reason for being built).

[@johnnyrvf]

As the U.S. dollar slowly loses it’s reserve status and becomes just another currency, projects like this will remain in the past. The only reason the apartments cost such a ludicrous price is because of how the dollar gives the U.S. such an enormous advantage in global finance. As it’s value and potential is continually abused and the rest of the world develops other financial systems, buildings like this will become ever more difficult to justify.

[@josephturner4348]

Perfect time to buy they are going to build a casino right next door over the train station GET READY!!

[@Real.Estate.Report]

That'll make it more of a destination if approved!

[@josephturner4348]

@@Real.Estate.Report I heard it’s coming I work for Tishamn/Aecom

[@Jason-ml3vs]

I don’t understand why this is a huge mystery? There are only so many rich people to go around.

[@guttenaug947]

The developers are better off selling it to the government and taking the loss. Let them turn into various of low income housing or migrants. Otherwise they gonna call bankruptcy and leave it vacant for decades

[@vapsa56]

The problem with Hudson Yards and all these other projects that cater to billionaires is that there aren't enough billionaires to support them. And expecting regular people to commute 3 to 4 hours a day to work in these buildings to support billionaires is not feasible. Remote work has proven that commuting is not necessary or needed. That is why billionaires are screaming at the top of their lungs for back to the office work. Commercial real-estate is in deep trouble. And nobody can afford to live in these buildings. No matter how fabulous they are.

[@Bobrogers99]

The ultra wealthy class is growing, but apparently not enough of them want to live in Manhattan at those prices. NYC is desperate for affordable housing, but that's not nearly as profitable as luxury units - if you can sell them. So hundreds of these units remain empty, while the shelters for the homeless are overflowing.

[@Dan-oj4iq]

Aside from the monthly fees, what would it cost to have a window cleaning company to come in and wash both sides of the glass in the entire unit? I have no idea. Could if be around $5000? I understand that if you can afford this apartment that wouldn't matter. Still.....I'm curious.

[@hothotheat3000]

I don’t want to live in a space overlooking a spot where multiple people have killed themselves.

[@danielterry382]

Hudson Yards would be more occupied , but it seems they overestimated the High End luxury Condo MKT.

[@vapsa56]

Same thing is happening in the automotive market. Ford, GM Chrysler/Jeep all went upscale for the luxury market. And guess what, nobody can afford a 100k truck.