Port Authority seeks new developer for Hudson Yard parcels

Dermot Company scrapped plans for tower amid concerns about costs
December 02, 2014 03:10PM

The Port Authority of New York & New Jersey is on the lookout for a new developer for two Hudson Yards parcels — about a month after the Dermot Company backed out.

The properties at 431 West 33rd Street and 448 West 34th Street collectively offer 490,037 buildable square feet. The bus parking lot and vacant land on the sites currently span 37,695 square feet.

The agency released a request for proposals last month with a deadline of Dec. 16.

In late October, the Dermot Company scrapped plans to construct a 500,000-square-foot residential tower at Hudson Yards. The move came after Dermot signed a contract in June to pay up to $175 million for the site, as reported. Dermot’s building would have to cantilever over part of Dyer Avenue, however, making the project more costly than expected.

The Port Authority had picked Dermot to develop the parcels in an auction held in February. [NYO]Mark Maurer