BlackRock and Related Companies Shake Hands at Hudson Yards
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BlackRock has signed a 20-year deal to move from its Park Avenue address to Hudson Yards, the new, mixed-use mega-project on the Far West Side of Manhattan in New York. BlackRock, state officials and Related Companies, the developer of Hudson Yards, worked together to seal the deal.
The state offered BlackRock tax credits up worth up to $25 million for keeping 2,672 jobs in the city, along with a promise to create 700 more. Compared to other mega projects in the city, Hudson Yards is on the fast track. It’s been about nine years since the MTA chose Related to develop the mixed-use project, which will contain office towers, residential units, cultural attractions and a mall.
Other companies which will join BlackRock at Hudson Yards include: Time Warner, Wells Fargo Securities, Coach, and more. The project is expected to be finalized in 2025, at a total cost of $25 billion.