The Moinian Group Breaks Ground on 3 Hudson Boulevard

Hudson Yards, Phase II to include 2M-SF Office Tower Slated for Completion in 2021

New York State Governor Andrew Cuomo joined real estate developer Joseph Moinian for the official groundbreaking of 3 Hudson Boulevard last week.

Set to rise at 555 W. 34th Street, the 53-story, 2 million-square-foot, 5-Star office tower is being developed by The Moinian Group, which expects the asset to come online by 2021. The New York-based landlord is targeting LEED Gold certification for the property.

"The Hudson Yards District is transforming right before our very eyes," said The Moinian Group CEO Joseph Moinian. "We are passionate about New York, and hope our class A office tower, envisioned at the highest levels of excellence both for today and far into the future, will come to be synonymous with the City itself, and the pinnacle of modern design."

The tower's footprint will impress upon an entire square block bordered by 11th Avenue to the west, Hudson Boulevard Park to the east, and 34th and 35th Streets to the north and south. Its foundation sits on the densest bedrock in Manhattan, thus eliminating the need for a platform, the developer notes. With the No. 7 MTA subway extension running underneath the building, MTA's completion of the line's second entrance paved the way for construction of 3 Hudson Boulevard to begin, according to The Moinian Group.

About 12,600 square feet of space will be available to retailers in the building's multi-level lobby, which will be accessible from the east and west. The building's 50,000-square-foot podium floorplates can accommodate 13-foot ceiling heights, and in the tower, floorplates spanning 40,000 square feet can accommodate 10-foot ceiling heights. Tenants will have unobstructed 360-degree views of the Hudson River, Hudson River Park, High Line, Central Park and the Empire State Building through floor-to-ceiling glass along the tower's 900-foot height. Perched atop 300 Hudson is a proposed duplex structure offering occupants and visitors an outdoor terrace, sky garden and entertainment space.

Tishman Construction is the project developer. Famed architect Dan Kaplan of FXFOWLE designed the tower for The Moinian Group.

"Phase two of the Hudson Yards District is underway. The future is now," said Peter Riguardi, president of the New York Tri-State Region at commercial real estate services firm JLL. Riguardi is in charge of advisory services for 3 Hudson Boulevard for The Moinian Group. He cited the unparalleled transit connectivity on top of the newly extended 7-train subway stop and protected sweeping views of the Hudson River as reasons that the 3 Hudson Boulevard can be considered a premier development site within the area.

Governor Cuomo called the groundbreaking, "Another significant step in developing the Hudson Yards District and attracting new businesses and investments to the Far West Side of Manhattan," adding that Moinian's investment "will support New York's construction workers and provide space for future tenants as we continue supporting the economic development of the entire region."

Also attending the groundbreaking ceremony were Moinian senior executives Joseph Moinian and Mitchell Moinian, members of Moinian’s board of directors, Peter Riguardi of JLL, John Schuyler of FXFOWLE, Jay Badame of AECOM Tishman, Joseph Scalamandre of Scalamandre & Sons, representatives of AIG, Javits Center CEO Alan Steel and other industry professionals.

The Moinian Group is developing 4 million square feet of commercial and residential real estate along five acres of 11th Avenue. Other projects the Group has worked on include Atelier, built in 2007 as a 5-Star, 475-unit condominium standing 46 stories at 635 W. 42nd St. It is currently building a 13-story, 163-unit 4-Star apartment property at 572 11th Ave., which is expected to deliver December 2018.

Diana Bell, New York City Market Reporter  CoStar Group