2024-05-02T20:33:57-04:00 https://archinect.com/news/article/150248965/massive-nyc-development-grinds-to-a-halt Michael Schwartz 2021-02-08T16:38:00-05:00 >2021-02-12T11:25:09-05:00 <img src="https://archinect.gumlet.io/uploads/8f/8f4d4ef4ca8007d4f636684afa3f8fb2.jpg?fit=crop&auto=compress%2Cformat&enlarge=true&w=1200" border="0" /><em><p>Even more perilous, the promised second phase of Hudson Yards &mdash; eight additional buildings, including a school, more luxury condos and office space &mdash; appears on indefinite hold as the developer, the Related Companies, seeks federal financing for a nearly 10-acre platform on which it will be built. Related, which had said the entire project would be finished in 2024, no longer offers an estimated completion date.</p></em><br /><br /><p>The New York Times is reporting on the uncertain future of the $25 billion Hudson Yards mega-development in Manhattan&rsquo;s Far West Side.</p> <p>The starchitect-studded development is reeling from ongoing effects of the global Covid-19 pandemic, as luxury condos remain unsold and commercial tenants go under. Additionally, tourist attractions remain closed and the development's centerpiece&mdash;Heatherwick Studio's <em>Vessel</em>&mdash;has been closed following its third suicide in less than a year.</p> <p>The situation enveloping Hudson Yards is representative of the state of speculative real estate across the country, though the Manhattan project is perhaps the nation's largest single site. Developers, architects and the entire real estate vertical are rethinking the needs of cities in which dramatically more people are working from home, demand for office space is shrinking, and delivery services are bringing more food and products directly to our doorsteps.</p>