At $125 Million Per Acre—New York's Most Expensive Park Ever

A financing plan for a park near Hudson Yards would blow away precedent.
September 8, 2018, 5am PDT | James Brasuell | @CasualBrasuell
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Hudson Boulevard Park opened in 2015.

"The city plans to spend $374 million to expand a green space near Hudson Yards by three blocks. At more than $124 million per acre, that would make the extension the costliest park project in local history," reports Joe Anuta.

Last month the mayor gave a city-controlled corporation the green light to float $500 million worth of bonds backed by property tax revenue from the surrounding area. The Hudson Yards Infrastructure Corp. would use the majority of that to pay for the second phase of a park running parallel and between 10th and 11th avenues as envisioned in the 2005 Hudson Yards rezoning. The first three blocks of Hudson Boulevard Park, between West 33rd and West 36th streets, opened in 2015. The $374 million would extend the park to West 39th Street.

Anuta goes into a lot more detail about why the cost of the park is so high, and putting it in context of the city's other very expensive parks—the High Line ($36 million per acre) and Bushwick Inlet Park in Brooklyn ($54 per acre just for acquisition).

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Published on Thursday, September 6, 2018 in Crain's New York Business
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