Hudson Yards Development

What Hudson Yards Development does

Hudson Yards Development Corporation (HYDC) is a government development corporation established by the City of New York in 2005 to spearhead implementation of the Hudson Yards development program in Manhattan. HYDC coordinates planning, rezoning, infrastructure financing, and development across an area bounded roughly by West 28th-43rd Streets, 7th-8th Avenues, and Hudson River Park. Its core programmatic outputs are urban development and infrastructure projects rather than commercial products: the 2005 and 2009 rezonings enabling approximately 26 million square feet of office, 20,000 housing units (almost 5,000 affordable), 2 million square feet of retail, and 3 million square feet of hotel capacity; the No. 7 Subway Extension (operational since September 2015); development of the 26-acre MTA Eastern and Western Rail Yards with Related Companies and Oxford Properties; Hudson Park & Boulevard; and coordination of affordable housing, NYCIDA financial incentives, and Eastern Rail Yard Transferable Development Rights (ERY TDRs).

HYDC operates with a lean staff of 1-10 employees and is governed by a board comprising senior New York City officials, including the Deputy Mayor for Economic Justice, NYC Comptroller, Manhattan Borough President, and commissioners of City Planning, HPD, Parks & Recreation, and Small Business Services. Its revenue mechanisms are statutory: District Improvement Bonus (DIB) payments from developers (initially $100 per square foot, annually adjusted by CPI) and sales of ERY TDRs, which fund public infrastructure such as the No. 7 Subway Extension. Since the 2005 rezoning, the program has catalyzed more than 5,600 apartments and 3,900 hotel rooms built, plus over $5 billion in private investment spurred by public infrastructure — making it one of the largest coordinated urban development efforts in US history.

HYDC's business model is not commercial revenue generation but public-sector program stewardship: it acts as the coordinating entity among the City of New York, the Metropolitan Transportation Authority, the State of New York, and anchor private developers (Related Companies, Oxford Properties, Brookfield Properties). Pricing/revenue is non-applicable in the conventional sense; the entity's "products" are rezoning approvals, public infrastructure delivery, and development rights (TDRs), with ongoing financing coordinated jointly with the Hudson Yards Infrastructure Corporation and the NYC Office of Management and Budget.

Name

Hudson Yards Development

Legal name

Hudson Yards Development Corporation

Website

https://hydc.org

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

1–10 employees

Short description

Hudson Yards Development Corporation (HYDC) is a New York City government development corporation established in 2005 that coordinates the planning, rezoning, and infrastructure delivery for the Hudson Yards district in Manhattan, partnering with MTA, Related Companies, Oxford Properties, and Brookfield Properties to oversee more than 50 million square feet of mixed-use development.

Ownership category

akta.pro rank

Product category

Urban Development and Infrastructure Coordination

NAICS

Administration of Housing Programs (925110), Administration of Housing Programs, Urban Planning, and Community Development (925), Land Subdivision (2372)

SIC

Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Community Development & Neighborhood Revitalization Housing Programs (FSALAKAO)

akta.pro secondary industry

Fair Housing, Compliance & Housing Program Oversight (FSALAKAN)

Keywords

• Urban development services
• Infrastructure project management
• Rezoning administration
• Transit-oriented development
• Affordable housing coordination

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Others

Core offering

Hudson Yards Development Corporation (HYDC) is a government development corporation that coordinates and implements the redevelopment of the Hudson Yards area of Manhattan into a transit-oriented, mixed-use district. Its offerings span rezoning administration, transit infrastructure delivery (No. 7 Subway Extension), mixed-use development coordination over the MTA Rail Yards, public open space creation, financial incentive administration, and affordable housing coordination with NYC agencies.

Product overview

Hudson Yards Development Corporation (HYDC) operates as a government development corporation established by the City of New York in 2005, spearheading a major urban redevelopment initiative in Manhattan's Hudson Yards area. Rather than a traditional technology product company, HYDC's portfolio consists of urban development programs and infrastructure projects: the core Hudson Yards Development Program (rezoning, development coordination), the No. 7 Subway Extension (transit infrastructure), MTA Rail Yards Development (Eastern and Western Rail Yards over 26 acres), Hudson Park & Boulevard (public green space), Financial Incentives Program (tax exemption policies), Affordable Housing Coordination, and ERY Transferable Development Rights. These programs collectively aim to transform approximately 26 million square feet of rezoned land into a mixed-use district with housing, offices, retail, hotels, and public amenities.

Differentiator

Problem solved

Functional benefit

Products and services

• Hudson Yards Development Program Urban development initiative led by HYDC to transform the Hudson Yards area of Manhattan into a vibrant, pedestrian-friendly, transit-oriented mixed-use district, accommodating office, residential, retail, hotel, and cultural spaces.
• Rezoning Services Comprehensive rezoning of the Hudson Yards area (January 2005) and Western Rail Yard (December 2009), enabling high-density commercial and residential development with zoning bonuses through the District Improvement Bonus (DIB) program.
• No. 7 Subway Extension Extension of the No. 7 subway line from Times Square to a new terminal station at West 34th Street and 11th Avenue, providing transit access to the Hudson Yards district.
• MTA Rail Yards Development Development of the Eastern and Western Rail Yards over active MTA-LIRR train storage operations, enabling approximately 12 million square feet of mixed-use development including office, residential, hotel, retail, cultural, and public open space.
• Hudson Park & Boulevard Approximately 4-acre system of tree-lined parks and public open space extending from West 33rd to West 39th Streets, designed by Michael Van Valkenburgh Landscape Architects, with Phase I completed in 2015.
• Financial Incentives Program

Quantifiable outcome

• More than 5,600 apartments built since 2005 rezoning
• +2 more outcomes

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

13 partnerships are on record, tiered core and major.

• Metropolitan Transportation Authority (MTA)coreStrategic or Co-development PartnerMTA collaborates on planning and development of Eastern and Western Rail Yards. MTA selected Related Companies in May 2008 to develop both rail yards. MTA's John D. Caemmerer West Side Storage Yard (26-acre train storage and maintenance facility) is being redeveloped. MTA is also partner for construction of No. 7 Subway Extension with funding and construction agreement reached in September 2006.
• City of New YorkcoreStrategic or Co-development PartnerCity of New York established HYDC in 2005 and collaborates on financing, planning, development and construction. Multiple City agencies involved including Department of City Planning, Housing Preservation & Development, Parks & Recreation, Transportation, Environmental Protection, and others for infrastructure improvements and affordable housing development.
• New York City Department of City PlanningcoreStrategic or Co-development PartnerInvolved in planning and development of Eastern and Western Rail Yards. Responsible for annual price adjustment of District Improvement Bonus based on Consumer Price Index.
• State of New YorkcoreStrategic or Co-development PartnerState of New York has collaborated since 2001 on planning initiatives to create the Hudson Yards development program.
• New York City Industrial Development Agency (NYCIDA)coreStrategic or Co-development PartnerNYCIDA provides financial incentive programs including real estate tax discounts for commercial development projects in the Hudson Yards area under the Uniform Tax Exemption Policy (UTEP).
• Related CompaniescoreStrategic or Co-development PartnerSelected by MTA in May 2008 to develop both Eastern and Western Rail Yards. Partnered with Oxford Properties to transform MTA's 26-acre rail yard site into 12 million square feet of mixed-use development with more than 10 acres of public open space. Also developing 55 Hudson Yards, a 1.4 million square foot tower.
• Oxford PropertiescoreStrategic or Co-development PartnerPartnered with Related Companies to transform MTA's rail yards, a 26-acre site, into 12 million square feet of mixed-use development.
• Brookfield PropertiesmajorStrategic or Co-development PartnerDeveloping Manhattan West project with more than 5 million square feet of mixed-use development on Ninth Avenue site within the Hudson Yards area.
• Hudson Yards Infrastructure CorporationcoreStrategic or Co-development PartnerCollaborates with HYDC and NYC Office of Management and Budget for project financing and cost containment.
• New York City Office of Management and BudgetcoreStrategic or Co-development PartnerCollaborates with HYDC and Hudson Yards Infrastructure Corporation for project financing and cost containment.
• New York City Law DepartmentcoreStrategic or Co-development PartnerInvolved in condemnation and other property acquisition for Hudson Yards development.
• Convention Center Development and Operating CorporationsmajorStrategic or Co-development PartnerInvolved in connection with expansion of the Javits Convention Center and development of a convention center hotel.
• Michael Van Valkenburgh Landscape ArchitectsmajorStrategic or Co-development PartnerLeading world-class, multi-disciplinary design team for Hudson Park and Boulevard Phase II design.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Battery Park City Authority: A New York State public benefit corporation that planned and manages Battery Park City — a 92-acre landfill-to-master-planned community on Manhattan's lower west side. The closest structural analogue to HYDC as a NYC government-sponsored urban development corporation overseeing a master-planned mixed-use district.
• New York City Economic Development Corporation: NYC's primary economic development engine, which manages city-owned real estate, leads major rezoning initiatives, and coordinates public-private development across the five boroughs. Directly comparable as a City-sponsored entity coordinating infrastructure financing and developer incentives.
• Lower Manhattan Development Corporation: The State-City joint venture created to oversee post-9/11 Lower Manhattan redevelopment. Comparable as a single-purpose government corporation tasked with coordinating large-scale rezoning, infrastructure investment, and developer partnerships in Manhattan.
• San Francisco Office of Community Investment and Infrastructure: The successor to San Francisco's Redevelopment Agency, administering tax-increment financing for major redevelopment districts including Mission Bay and Hunters Point. Comparable as a public-sector special-purpose vehicle managing master-planned redevelopment with infrastructure financing tools.
• Philadelphia Redevelopment Authority: Municipal authority that acquires, assembles, and disposes of land for redevelopment, and coordinates public-private projects. Comparable as a city-established government entity executing land assembly and developer coordination for urban redevelopment.

Emerging players

• Related Companies: HYDC's anchor private-sector development partner for both MTA rail yards and 55 Hudson Yards. While a private developer rather than a public entity, Related is materially comparable as the executor of the master plan HYDC coordinates.
• Brookfield Properties: Developer of the 5M+ sq ft Manhattan West project within the Hudson Yards area. Comparable as a major institutional developer executing mixed-use districts on the same urban canvas HYDC oversees.
• Oxford Properties: Co-developer with Related Companies of the MTA Eastern and Western Rail Yards. Comparable as the institutional capital partner executing master-planned mixed-use development within HYDC's jurisdiction.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutu.be/dDjEAOMX3Yc

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hudson Yards Development