The Real Deal New York

Tishman Speyer buys Hudson Yards tower’s air rights for $30M

Imperatore family sells 235,000 square feet from nearby sites

August 14, 2015 03:00PM
By Kyna Doles and Konrad Putzier

From left: a rendering of Hudson Yards and Rob Speyer

From left: a rendering of Hudson Yards and Rob Speyer

Tishman Speyer acquired 235,000 square feet of air rights from the Imperatore family for its planned Hudson Yards tower, public documents filed with the city show.

The development rights, which Tishman Speyer bought for $29.5 million, are transferred from two parcels owned by Arthur and Edward Imperatore: 438 11th Avenue and another, undefined parcel along 11th Avenue.

The firm, headed by father-and-son duo Jerry and Rob Speyer, plans to build a 61-story tower on a full block stretching from West 34th to West 35th Street along 10th Avenue, which will have an estimated cost of $3.2 billon. According to sources, the newly acquired air rights won’t change the tower’s planned size of 2.9 million square feet.

Tishman bought the full-block assemblage for $438 million in two separate deals in April, paying the Rosenthal family $238 million for 435 10th Avenue and buying two adjoining parcels from Sherwood Equities for $200 million.

The latest air rights transfer isn’t the first deal between Tishman Speyer and the Imperatores this year. In June, the family sold Tishman a development site across the Javits Center along 11th Avenue between West 36th and 37th streets for $185 million.