New York’s office buildings are getting taller, and with that they’re getting more expensive to build (duh). So it’s not all that surprising that Related Companies and Oxford Property Group’s 985-foot Norman Foster-designed office tower coming to 50 Hudson Yards is poised to be the city’s most expensive.
The Real Deal reviewed filings with the city’s Industrial Development Agency, which note that the development companies expect the tower to cost $3.94 billion—including the price of land, construction, and other soft costs like architecture and engineering—making it the costliest office building in the city. That distinction is currently held by One World Trade Center, which cost $3.8 billion. One Vanderbilt, which will tower over 50 Hudson Yards at 1,401 feet, is expected to cost only $3.14 billion.
At a cost of $3.94 billion, 50 Hudson Yards’s price per square foot works out to about $1,407 per square foot for the 2.8 million square feet on file with the IDA. The project’s gross square feet is closer to 2.9 million. By comparison, The Spiral designed by Bjarke Ingels and rising across from 50 Hudson Yards is anticipated to cost $1,230 per square foot and $3.2 billion total.
Related Companies filed partial plans for the tower, whose non-vanity address is 415 Tenth Avenue, earlier this week.
- Related’s $4B tower at 50 Hudson Yards will be NYC’s most expensive office project [TRD]
- Foster + Partners will design 985-foot Hudson Yards skyscraper [Curbed]
- Related moves forward with Norman Foster’s Hudson Yards tower [Curbed]
- One Vanderbilt May Cost More Than $3B to Construct [Curbed]
- The Definitive Guide to the Hudson Yards Development Boom [Curbed]