The megaproject will also bring over 55,000 jobs to the neighborhood
The Hudson Yards megaproject will contribute close to $19 billion to the city's economy when it's complete, Crain's reports, based on a study commissioned by developers Related Companies and Oxford Properties Group.
Once the 28-acre project wraps up construction in 2025, it will account for 2.5 percent of the city's Gross Domestic Product (GDP), a report put together by consulting firm, Appleseed, has revealed.
In addition, the development will generate nearly $500 million in annual taxes, and create over 55,000 jobs.
"This 'city within a city' will generate significant tax benefits, contribute greatly to the city's GDP, create tens of thousands of jobs, and deliver much needed class A office space to ensure we remain globally competitive," Stephen Ross, the chairman of Related Companies said in a press release.
There's some added benefit to the cash-strapped Metropolitan Transportation Authority (MTA) as well. The agency will receive close to $1.8 billion revenue during the construction and just over $89 million annually once the project is complete.
The construction period will also see the creation of over 7,000 full-time jobs.
The Hudson Yards megaproject stretches from 30th Street to 34th Street between Tenth and Eleventh Avenues and 30th Street to 33rd Street between Eleventh and Twelfth Avenues. When complete, Hudson Yards will have about 4,000 apartments, over 100 shops and restaurants, a 750-seat public school, 14-acres of public open space, and 10.4 million rentable square feet of office space.
- When complete, Hudson Yards will contribute $18.9 billion to the city—more than Iceland's GDP [Crain's]
- All the Hudson Yards Coverage [Curbed]