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New York

Agency to vote on tax breaks for $3.2B Tishman tower

Under deal, developer of Hudson Yards site would help fund Number 7 train project

From left: Tishman Speyer’s far West Side development site, Jerry Speyer and Rob Speyer
From left: Tishman Speyer’s far West Side development site, Jerry Speyer and Rob Speyer

The city’s Industrial Development Agency, an offshoot of the Economic Development Corporation, is set to vote on $170 million in tax breaks for Tishman Speyer’s $3.2 billion office-and-retail tower planned for Hudson Yards.

As part of the deal, Tishman would contribute millions to the Number 7 train project and pay its workers a “living wage,” Capital New York reported. Tishman would receive the tax breaks over a 25-year period.

The agency plans to vote on the tax breaks July 22, five days after a public hearing.

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The building, which the developer is planning to construct according to LEED Gold standards, will include 57,000 square feet of retail space.

Earlier this year, Tishman paid $438 million for the far West Side properties. One of the properties had been marketed by Massey Knakal as the “Hudson Spire” development site with the potential to build the country’s tallest building, surpassing the 104-story One World Trade Center. [Capital NY] — Mark Maurer

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Tishman Speyer