The challenges and opportunities ahead for large-scale urban developments

The developer behind Hudson Yards talks about trends and gambling with buyers
  • Developers with brokerage relationships can look at brokerage data to determine market trends.
  • Related Companies' focus "will always be the very, very top of the domestic buyer market," said CEO Jeff Blau.
  • Remote working is definitely a trend in retail space, but at the moment, it's actually fueling new development, not inhibiting it, because older buildings can't accommodate density changes.
  • The Hudson Yards project will change New York City -- it's "a brand-new city unto itself, right in the middle of Midtown."

Hudson Yards is going to change New York City, said developer Jeff Blau, CEO at Related Companies, which is in charge of the massive project. “It’s a brand-new city unto itself, right in the middle of Midtown,” he explained to Brad Inman on stage at the inaugural Global Connect event. “I wouldn’t say there are too many cranes in New York City,” Blau began (but he added that Related Companies owns, well, a lot of cranes). “You have to look at it neighborhood by neighborhood.”