Hudson Yards Development Corporation (HYDC)

Assignment Details

Cushman & Wakefield provided advisory support to the in connection with a major headquarters hotel to be developed adjacent to the Jacob Javits Convention Center in Manhattan. The Javits Center is currently undergoing a renovation and expansion aimed at re-establishing the Center as one of the preeminent convention centers in the United States. As part of this effort, a joint City and State task force was assembled to designate a developer for a 1,000+ room headquarters hotel on a municipally-owned site across 11th Avenue from the Center. Cushman & Wakefield’s role included market and analytical research related to the hotel’s sizing, positioning, relationship to Javits, operating results and ownership structure. We also advised HYDC on the public/private issues related to the development, including land lease structure, contribution and pricing of air rights, taxes and PILOT, etc.