The Real Deal New York

Tishman Speyer to buy Hudson Yards site for $185M

With additional air rights, site could hold a 1.7 million-square-foot tower

June 10, 2015 10:35AM

From left: a rendering of Hudson Yards and Rob Speyer

From left: A rendering of Hudson Yards and Rob Speyer

UPDATED, 1:14 p.m., June 10: Tishman Speyer is paying $185 million for a large development site at Hudson Yards.

The property is located across from the Javits Center, Crain’s reported, along 11th Avenue and between West 36th and 37th streets. The site can currently hold a 735,000-square-foot mixed-use development. The developer could acquire additional air rights, however, which could allow for a 1.7 million-square-foot tower.

The Imperatore family, who have owned the site for many years, is selling, according to the website.

With this purchase, Tishman Speyer — which also owns iconic New York City properties such as Rockefeller Center and the Chrysler Building — would be the third major developer to construct a building in Hudson Yards.

Last year, Tishman Speyer bought a nearby development site for $438 million one avenue over, between West 34th and 35th streets, where it plans to build a roughly $3 billion tower.

Earlier this week, law firm Boies, Schiller & Flexner signed a lease to move to the nearby 55 Hudson Yards, a 1.4 million-square-foot office tower that’s being developed by Mitsui Fudosan, the Related Companies and Oxford Properties. [Crain’s] — Claire Moses

Correction: A prior version of this article incorrectly stated the price and square footage of the site due to an error in the source story.