The Real Deal New York

Tishman Speyer paid city, state $78M for air rights at Hudson Yards project

The $3.2B building is slated to rise 65 stories

November 08, 2016 05:36PM

Hudson Yards Spiral at 509 West 34th Street

A rendering of the Hudson Yards Spiral at 509 West 34th Street

Developer Tishman Speyer spent $78 million earlier this year to obtain air rights from the state and the city for its Hudson Yards project the Spiral.

The developer bought the air rights from the city and state’s joint stock of development rights that are associated with the 2004 rezoning of the eastern rail yards, Crain’s reported. It’s the second time Tishman Speyer TRData LogoTINY has purchased air rights for the Spiral. Last year the developer paid $30 million to the Imperatore family for 235,000 square feet of rights.

Tishman Speyer officially filed plans for the office skyscraper at 66 Hudson Boulevard, or 509 West 34th Street, in September.  Plans filed with the city’s Department of Buildings called for a 2.2 million-square-foot tower, although Tishman Speyer is marketing the property at 2.85 million square feet.

The building — which has been named the Spiral for featuring a continuous band of terraces that wrap around the building — is designed by Bjarke Ingels, the Danish architect behind the 2 World Trade Center redesign and VIA57.

Asset management giant BlackRock is considering the building, along with neighboring 50 Hudson Yards, for its new headquarters[Crain’s]Miriam Hall

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