Skyscraper at Hudson Yards opens

The Hudson Yards project is said to be the largest private real estate development in the country. And now it is one step closer to a reality. 10 Hudson Yards officially opened its doors Tuesday, welcoming its first tenant: Coach. The 52-story tower will be the handbag company's new global headquarters.

The Boston Consulting Group and l'Oreal USA are among the other tenants that will soon join Coach at 10 Hudson Yards while construction continues all around it.

The 10 Hudson Yards building broke ground in 2012, though the entire 26-acre project here has been in the making for more than a decade.

Eventually Hudson Yards will include 4,000 residential units, 14 acres of public space, a new public school and a massive retail hub featuring department store Neiman Marcus.

Jay Cross, the president of Related Hudson Yards, says the project will redefine the West Side.

Everything about this project is big, including the price tag, estimated to eventually total some $25 billion, all financed privately.

But developers say once the project is complete, Hudson Yards will generate $500 million in city taxes annually and bring tens of thousands of jobs to the neighborhood.