Hudson Yards is expected to generate 55,000 jobs upon its completion in 2025.
As a milestone development project progresses in Manhattan’s Far West Side, a quiet New Jersey county figures among those that will benefit the most.
A historic development
Hudson Yards is the largest development project in US history, and the most significant since Rockefeller Center. It broke ground in 2012 and its first phase is expected to open in 2018.
Upon its completion in 2025, Hudson Yards will be a “city within a city.” Its 28 acres of mixed use land will be home to approximately 4,000 residences, more than 100 shops, 14 acres of public space, and a 750-seat public school.
Beyond changing the New York City skyline, Hudson Yards is anticipated to transform the city’s economy. Its anchor tenants include BlackRock (the world’s largest asset manager), private equity firm KKR, and Wells Fargo. Technology giants Google and SAP are also set to establish operations in Hudson Yards. Had it not been for the 2008 financial crisis, Goldman Sachs and Rupert Murdoch’s News Corp. would have also been onboard as notable tenants.
A projected $19 billion annual gain will augment New York City’s GDP (2.5% of the citywide total), with tax contributions totaling almost $500 million. Employment will also spike, with the addition of more than 55,000 direct jobs. As early as now, the project involves 23,000 construction jobs.
A suburban dream across the Hudson
Locales near this new economic hub are sure to feel the positive impact of the anticipated Hudson Yards boom. Bergen County is one of these places.
Bergen County offers an exceptional suburban escape just across the river. Its proximity to the New York metropolis, low population density, and expanses of green space combine to make an idyllic bedroom community for those who are employed or run businesses in Hudson Yards.
The county is closer to Hudson Yards compared to another popular suburban destination, Westchester County. Bergen is only 21 miles away from Hudson Yards and half an hour’s drive via Lincoln Tunnel, whereas Westchester is 10 miles (and another 15 minutes) further. There is also a ferry ride that takes passengers across from Edgewater direct to Hudson Yards.
Residents eager to escape to a more subdued setting at day’s end will also appreciate Bergen County’s tranquil appeal. The county might be the most populated across the state (tallying nearly 940,000 in 2016), but its population density is notably low at about 4,000 per square mile. (To compare, Manhattan has a staggering population density of almost 70,000 people per square mile.)
Finally, Bergen County’s park system offers an ideal contrast to the Manhattan urban sprawl that Hudson Yards will soon represent. Recreation and relaxation come easy here with 9,000 acres of well-maintained park space.
Promising real estate opportunities
With a high-profile economic enclave rising and driving new traffic into a previously underutilized area nearby, the opportunities for real estate in Bergen County have never been more exciting.
Expect an influx of buyers inquiring about this locale soon, many of them high-income professionals from multinational companies. Bergen County property values should skyrocket with such an increased demand for homes.
Don’t miss out on these opportunities! If you own property in Bergen County, take the steps to groom it in preparation for this anticipated boom. If you’re thinking of buying, make that decision now before the best properties are snapped up and prices rise.