The West Side Has Arrived

RDM was in attendance at Bisnow's Future of Midtown West event where panelists came together to discuss the current projects which will transform the area from a collection of warehouses to a thriving neighborhood of offices, residential buildings and hotels.

The panel included CEO's and Principals of the companies working to transform the area; Related Companies, Brookfield Office Properties, Silverstein Properties, Cushman & Wakefield, Avison Young, CBRE, The Hudson Yards Development Corp and Moynihan Station Development Corp.

Here's what we heard:
- Panelists called Midtown West a city within a city.
- Related has a president just for its Hudson Yards development: Jay Cross.
- Retail will open in 2017 in Related's Hudson Yards building.
- Brookfield's 7.2M SF Manhattan West on Ninth between 31st and 33rd will have 2M SF of office, 400 residential units, 200k SF of retail, and a boutique hotel in two towers.
- The redeveloped 450 W 33rd will be re-skinned with a new lobby while offering 120k SF floorplates.
- Avison CEO Arthur Mirante says "NYC suffers from a dearth of Class-A office, but Midtown West will appeal to the growing media sector and financial services".
- Cushman's Bruce Mosler states "NYC has the same inventory as in the '90s, and conversions will subtract from that".
- Related's Jay Cross credits NYC's Olympics bid for spurring people to think about infrastructure on the West Side
- Meridian's Terry Baydala says "The highest and best use for properties will morph over the next five and 10 years, and change will permeate north, south, and east, breeding opportunities that are impossible to predict now".

For more from the event, check out Real Estate Bisnow.