The yet-to-be-revealed Thomas Heatherwick sculpture, that will be the centerpiece of the Hudson Yards megaproject will likely cost $200 million, Crain's reports — a dramatic increase from the previously reported price tag of $75 million.
Stephen Ross, the chairman of Related Companies — the firm that's developing Hudson Yards along with the Oxford Properties Group — said this of the sculpture to Crain's:
"It will become to New York what the Eiffel Tower is to Paris, I believe."
The sculpture will be located at a plaza — touted to be larger than London's Trafalgar Square — within the megaproject. Last summer that sculpture was described by the New York Times as a "chalice-shaped vessel," but the actual design won't be unveiled till later in the year.
Another high profile Heatherwick project in New York City is the recently approved, Barry Diller-funded Pier 55 project. The announcement on Heatherwick's Hudson Yards sculpture follows news that the megaproject will generate billions in revenue for the city when it is complete.