page_title: Hudson Yards (development)
section_title: Bidding process
hierarchical_section_title: Hudson Yards (development) / History / Bidding process
caption_attribution_description: English: Hudson Yards from the 102 floor of the Empire State Building, November 2018
context_page_description: Hudson Yards is a 28-acre real estate development in the Chelsea and Hudson Yards neighborhoods of Manhattan, New York City. Upon completion, 13 of the 16 planned structures on the West Side of Midtown South would sit on a platform built over the West Side Yard, a storage yard for Long Island Rail Road trains. The first of its two phases, opened in 2019, comprises a public green space and eight structures that contain residences, a hotel, office buildings, a mall, and a cultural facility. The second phase, on which construction has not started as of 2020, will include residential space, an office building, and a school.
  Related Companies and Oxford Properties are the primary developers and major equity partners in the project. Related and Oxford, along with several large investors, have funded Hudson Yards' construction from a number of capital sources, including from foreign investors through the EB-5 investment program. Mitsui Fudosan owns a 92.09 percent stake in 55 Hudson Yards, and a 90 percent stake in 50 Hudson Yards.
context_section_description: In late 2006, the city and the MTA backed out of a plan for the city to purchase the development site, and created a proposal to seek bids from private developers. This was followed by a formal request for proposals in 2008 with the intention of creating a large-scale mixed-use development above the rail yards. Five developers responded to the RFP: Extell Development Company, Tishman Speyer, Brookfield, Vornado Realty Trust with the Durst Organization, and the Related Companies.
caption: Hudson Yards seen from the 102nd floor of the Empire State Building, November 2018
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