15 Hudson Yards - Any thing in Contract

It may be how Related chooses to do their marketing. You can see with 70 Vestry that they have 12 units as "no longer available" and 7 units "on the market" out of a total of 46 units in the building. But at the same time you see stories of a $50 million penthouse being sold back in January and that is nowhere on SE
https://ny.curbed.com/2017/1/11/14238576/robert-am-stern-tribeca-70-vestry-penthouse

I see. They like to keep every one guessing. Makes sense. Why would I disclose how much I have sold if I am still sitting on a chunk.

Last time i checked there were 40-50% in contract a couple months ago. I know a few people who have bought and they did not get any discounts at all even though the market seemed off. If you have heard of others getting discounts I would be interested to hear.

I guess we will know relatively soon based on how many closings there are.

https://ny.curbed.com/2019/1/17/18186230/hudson-yards-new-york-diller-scofidio-renfro-rockwell-group-photos

BTW as far as I know Related announced they have $800 million in contracts on an anticipated $1.74 billion sellout.

What happened to closings? I see bunch of rentals. Is it Related renting out the unsold units?

And 35 Hudson Yards with it's late start - you have to wonder what percentage sold by the time they start closings (I think the projection was for this Fall)/

I think most are sold

Are you taking about 15 Hudson? Any reliable sources or you are just guessing?

Are you “talking” about 15 Hudson? Any reliable sources or you are just guessing?

At this point it looks like there are 155 closed sales for a total of just shy of $675 million.
That makes 54% sold by number of units and almost 39% of the $1.7 billion projected sellout.
Makes you wonder about the claimed $800 million in contracts claimed. Or have they had $125 million in contracts cancelled and no sales since?

Curious why the seller of many closed sale is MTA?

My guess is that the agreement between NYS, NYC & MTA to establish the platform and what is built on it has set up MTA similarly to Battery Park City Authority or Brooklyn Bridge Park Corporation.

https://www.ft.com/content/7290886e-3300-11ea-a329-0bcf87a328f2

If you don't feel like reading the above there is an unsubstantiated claim from a source which said only 13 contracts have been signed at 35 Hudson Yards.

I'm not very surprised.

https://nypost.com/2020/02/01/man-jumps-to-his-death-from-the-vessel-in-hudson-yards/

Nobody controls (or manipulates) a real estate building/neighborhood/market better than the Related Companies.
What they pulled off, keeping sales (prices) stable during the Lehman collapse at the Caledonia was quite impressive.
Hudson Yards is a much bigger feat to pull off but I have no doubt, by hook or by crook they will succeed.
I think they are one of the most brilliant RE companies in the world.
If they weren't a private company, Id buy a big chunk of their stock or REIT and not lose a wink of sleep.

Residential l is too big for them to stabilize but commercial seems to be doing pretty well given the number of companies moving there and flood of tourists. Overall, they will probably do ok with the project.

Also there is a lot being called "Hudson Yards" now which isn't on the platform, owned/controlled by Related, etc.

Whoever would have guessed there would be problems?
https://therealdeal.com/new-york/2023/07/13/relateds-resi-struggles-in-hudson-yards-left-1b-unsold/

Ahh, this is where my link belonged. Thanks for bringing it to the top, 30.

https://www.wsj.com/articles/hudson-yards-condos-14aed09e

This owner isn't looking for a loss: https://streeteasy.com/building/15-hudson-yards/25d
This owner, who is an active NYC broker, seems to have a different view - she's the one in the article: https://streeteasy.com/building/15-hudson-yards/63c

Big surprise people don't clamor to live in a fringe area.

Rinette
I'm not sure what your point is. So there's an unrealistic seller who's been asking too much on and off for almost 3 years. Is that supposed to be some proof of market strength?

>So there's an unrealistic seller who's been asking too much on and off for almost 3 years. Is that supposed to be some proof of market strength?

According to streeteasy logic in that article about rising asking prices, yes. LOL

>I'm not sure what your point is.

wasn't making a point, rather, I was reflecting info in the article from the broker/owner/seller.

"wasn't making a point"

Oh, so just the typical Rinette post.