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This report provides a detailed valuation of the commercial components of 35 Hudson Yards, including the hotel, office, and retail segments. Each use was modeled separately with its own development budget, operating assumptions, and projected cash flows, then combined to produce a blended exit valuation and return profile. The analysis results in a total projected exit value of $857 million and a blended levered IRR of 10.1%, offering a point of comparison to Related Companies’ reported $600 million offering price. The report highlights the challenges of valuing mixed-use leasehold assets and demonstrates how individual component performance impacts overall investment outcomes.