Dermot to put up resi tower on Hudson Yards site

Firm snagged property with $115M bid in Port Authority auction

TRD New York /
Jul.July 16, 2014 04:40 PM

The Dermot Company is planning a high-rise residential tower for the Hudson Yards development site it won in a Port Authority auction announced in February. And the developer, which snagged the site with a bid of $115 million, has chosen the firm that drew up the master plan for the West Side rail yards development to design the building.

Dermot beat out ten other developers who responded to a Request for Proposal issued by the Port Authority for purchase and development of the site. The property is located on 33rd Street between Ninth and Tenth avenues opposite Brookfield’s Manhattan West project.

Late last month the agency’s board authorized the sale at the price of $115.3 million for two lots on the block and more than 90,000 square feet of development rights, bringing the total buildable area north of 540,000 square feet.

Dermot also has the option to purchase an additional 85,225 square feet of air rights within the next two years at a price of approximately $60 million. The deal is expected to close this year.

“With the transformative development of the Hudson Yards area already underway, winning this competitive Port Authority RFP presents a tremendous opportunity for the Dermot Company to expand our New York City portfolio,” Dermot said in an e-mail.

To design the residential tower planned for the site, Dermot has selected FXFOWLE, the architecture firm commissioned by the Hudson Yards Development Corporation and the Metropolitan Transportation Agency to draw up the master plan and development guidelines for the 28-acre Hudson Yards site in 2007.

“Expected to break ground in early 2016, we are designing a beautiful high-rise residential building with FXFOWLE Architects and look forward to working with the community on designing the public space to further enhance this evolving neighborhood,” Dermot said.

As part of the deal, Dermot has agreed to develop and maintain a public space running through the block to 34th Street along Dyer Avenue, the submersed roadway that heads north from 30th Street to the mouth of the Lincoln Tunnel.

The Port Authority acquired the land in 1952 as part of a planned third tube for the Lincoln Tunnel. Proceeds from the sale will be used on infrastructure improvements to the Port Authority Bus Terminal. The agency is considering selling off a number of its properties in the rapidly developing Hudson Yards district.

Related Articles

The architect claims the design, construction and marketing of the tower rips off the design of a tower he planned and modeled for his thesis

Lawsuit over WTC design is whittled down

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

15 Hudson Yards (Credit: Related-Oxford, iStock)

First he sold a plot of land to Hudson Yards’ developers. Now he owns 7 luxury condos there

The Plaza Hotel in 1975 and models walking the runway during New York Fashion Week September 2019 (Credit: Getty Images)

Fashion Week struts its stuff at these iconic NYC locations

M&T CEO René Jones and Brookfield managing partner Ben Brown with 5 Manhattan West (Credit: M&T, Brookfield, and Wikipedia)

Brookfield lands $184M refinancing for Manhattan West retail

It’s not just the leaking Oculus: Santiago Calatrava hit with suit over Venice bridge

From left: Prabal Gurung, Dana Lorenz and Stephen Ross (Credit: Getty Images)

Stephen Ross backlash hits Hudson Yards

Eliot Spitzer, 220 East 72nd Street and Andrew Levison (Credit: Getty Images, StreetEasy, Dermot Company)

Spitzer sells UES apartment building