Companies

Mitsui Fudosan unveils new skyscraper in Manhattan

The Yomiuri Shimbun
Mitsui Fudosan Co.’s 50 Hudson Yards in New York

By Yasuhiro Kobayashi / Yomiuri Shimbun Correspondent

16:40 JST, October 21, 2022

NEW YORK — Japanese real estate giant Mitsui Fudosan Co. this week showed media around 50 Hudson Yards, a 58-story skyscraper that is part of a major redevelopment project in New York.

The construction of the building in Manhattan’s Hudson Yards district was completed earlier this month. The 300-meter-tall tower has a total floor area of 269,000 square meters, and the total cost of the project was more than ¥600 billion.

Meta, formerly known as Facebook, and BlackRock Inc., a leading global asset management company, are among the major tenants of the building.

According to Mitsui Fudosan, tenants have been secured for more than 80% of the tower. However, due to the COVID-19 pandemic, the percentage of employees working in Manhattan’s offices stood at about 50% as of September.

Nevertheless, New York City Mayor Eric Adams was upbeat Wednesday, saying he hoped office transformations would help inject life back into the city.

The redevelopment of the Hudson Yards district on the west side of Manhattan started in 2012. The total redevelopment cost of the about 110,000 square meter district is about $25 billion (¥3.7 trillion), making it the largest private urban development project in the United States.