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Fairway Market To Be Anchor Food Market At Hudson Yards

Stocks in this article: FWM

NEW YORK, Aug. 8, 2013 /PRNewswire/ -- Related Companies, Oxford Properties Group and Fairway Group Holdings Corp. ("Fairway") (NASDAQ: FWM) announced today that Fairway Market, the iconic grocery super store, will be the anchor food market at Hudson Yards.  The 45,875 sq. ft. site will be comparable in size to Fairway's 74th Street and Broadway and 86th Street and 2nd Avenue locations, and will occupy the ground floor retail space in the South Tower.  Fairway will offer the entire Hudson Yards neighborhood a first-class grocery shopping experience that epitomizes Fairway's "Like No Other Market" ® slogan.  The Hudson Yards Fairway will be adjacent to the 10th Avenue Spur, part of New York City's famous High Line, and is scheduled to open in 2015.  It will be across the street from 500 West 30th Street – the new Robert A. M. Stern designed rental property being developed by Related Companies and Abington Properties, which is scheduled for completion in 2014.

"Hudson Yards is the next great New York neighborhood and we're excited to be an integral part of the development of this world-class location, and to be an amenity and food destination for the huge numbers of workers, residents, neighbors and tourists who will visit Hudson Yards," said Charles Santoro, Fairway Market's Executive Chairman.  "We continue to believe our growth prospects are outstanding in and around the tri-state NY, NJ and CT metro area, and are very pleased that Related and Oxford have selected Fairway as their food retailing partner in this historic real estate development."

"Fairway Market has been a New York institution for more than 80 years and is the quintessential New York food experience," said Jay Cross, President of Related Hudson Yards.  "It is natural that Fairway Market was our choice for an anchor location on what will become the new heart of New York."

Similar to all Fairway Markets, the new store will offer an exceptional combination of traditional, organic and specialty foods at the most competitive prices.  Fairway is a fusion of the neighborhood corner butcher, baker, cheese shop, fishmonger, and farmer's market, all under one roof and serving millions of customers annually with daily-delivered produce, a best-of-the-best kosher selection, the freshest seafood, custom-cut USDA prime meat, cheeses from around the world, a classic New York deli counter, a made-from-scratch bakery, an olive bar, coffee bar, cafe and more. 

"We look forward to providing customers a fabulous and unique food shopping experience with fresh, natural, organic and conventional foods at great values," said Herb Ruetsch, Chief Executive Officer of Fairway Market.  "We are also eager to make an impact in the Hudson Yards community as a great neighbor as well.  We are always committed to helping organizations that make a difference."

The anticipated LEED Gold South Tower, designed by acclaimed global architects Kohn Pedersen Fox Associates (KPF), has 52 stories and stands 895 feet tall.  The South Tower offers Fairway a truly unique location just beneath the High Line at the corner of 30th Street and 10th Avenue and adjacent to the highly anticipated Culture Shed.  Construction on the 1.7 million sq. ft. South Tower began last December and the building is slated for occupancy in 2015.  With this lease agreement, the South Tower is more than 85 percent committed with additional tenants Coach Inc., L'Oreal USA and SAP.

Hudson Yards sits within New York's fastest developing neighborhood, with a growth rate five times greater than the rest of Manhattan and an influx of 6,000 residences and 2,400 hotel rooms in the last five years.  Once completed, 40,000 people will work in, or call Hudson Yards their home.  The 28-acre site, which now includes 1 and 2 Hudson Boulevard, will transform the neighborhood by giving residents, employees and visitors an incomparable offering of amenities including: more than 9 million square feet of state-of-the-art commercial space, 750,000 square feet of destination retail space, 5,000 residences, a new public school, a cultural center, a luxury hotel, a health club, a direct connection to the #7 Subway and 14-acres of new public space with connections to the celebrated High Line and the new Hudson Park and Boulevard – a sweeping 4-acre thoroughfare running north from West 33rd Street to Times Square. 

Hudson Yards is also the most accessible site in the region with unsurpassed connections to commuter rail, the subway system, the West Side Highway, the Lincoln Tunnel and even ferries along the Hudson River. Grand Central Terminal is only 6 minutes away by subway, and Penn Station, the nation's busiest train station, is a short walk away.

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