Jennifer Tuhy has been named the chief financial officer of Hudson Yards. Related Companies recently created the position in order to centralize management of the rapidly-developing Hudson Yards project.
As CFO, Tuhy will “oversee all finance and accounting—budgeting, accounting and controls, financial reporting, tax, treasury, and information systems,” Commercial Observer reports. In speaking of how large the project is, Tuhy says “It’s over 80 legal entities. Sixteen buildings. And within those buildings you have potentially multiple equity partners for tracking and reporting to. Until you dig into all of that, it’s really hard to fully grasp the breadth of it all.” She goes on to say she manages all of this with a team of 36 which will likely grow.
On what will happen if there is a economic downturn that affects real estate, “Nothing will really slow us down for the eastern rail yards at this point. I’m not sure how that will impact the western rail yards [the yet-to-be designed residential component of Hudson Yards]. I think we’ll start planning [the western rail yards] in 2016 into 2017.”
Ms. Tuhy previously served as Related’s Vice President of Development Accounting and Senior Vice President of Accounting and Finance. She also contributed to company-wide projects including the CORE investment and the creation of the Related Fund Management platform.
“I have long-term experience in the coordination of people and problem-solving in a fast-paced, high-demand environment,” Ms. Tuhy told Commercial Observer. She is confident that her prior experience will help her “initiate and share best practices between Related and Hudson Yards.”
Ms. Tuhy, welcome to the neighborhood!