Tishman Speyer’s park gift will give developer air rights for tower

Purchase of property housing auto-shop will ultimately benefit office project

New York /
Mar.March 25, 2019 08:38 AM

A rendering of Bella Abzug Park and Tishman Speyer CEO Rob Speyer (Credit: Michael Van Valkenburgh Associates)

Tishman Speyer quietly bought a run down auto-shop last week, and plans to build an elaborate park on the city’s Far West Side.

In return, the city awarded the developer unspecified air rights for a planned office tower that is slated to be built on the same block, next to the Jacob Javits Center on 11th Avenue, according to the New York Post.

Tishman Speyer, led by Rob Speyer, paid $20.14 million for the park site, a two-story warehouse at 527 West 36th St. It will be redeveloped as a park, and help build out a planned greenway to span West 33rd and 39th streets. It will be built over rail yards currently occupying the site.

The area was renamed Bella Abzug Park last week, changed from its initial name, Hudson Yards Park. Tishman Speyer reportedly received the air rights under a city incentive known as the District Improvement Bonus, which aims to encourage development in the Hudson Yards District.

In September the city said it planned to spend $374 million developing the park — more than $124 million per acre.

Tishman Speyer hasn’t filed any plans for the tower next to the park, but in 2016 the company said the development would span 1.3 million square feet and contain retail. It would be Tishman Speyer’s second tower the developer has built in Hudson Yards, where it plans 4 million square feet.

Tishman Speyer is planning a 2.85-million-square-foot office tower at 66 Hudson Boulevard, called the Spiral. Last year, the real estate firm signed Pfizer to an 800,000-square-foot lease deal to anchor the building. AllianceBernstein is also nearing a deal for 200,000 square feet at the property. [NYP] — David Jeans

Correction: An earlier version of this story attributed the air rights to the Spiral; air rights will be granted to a separate Tishman Speyer project. 


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images and Wikipedia)
Facebook close to finalizing Hudson Yards office deal: report
Facebook close to finalizing Hudson Yards office deal: report
SL Green’s locks in big bank lease at Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
Harry and Linda Macklowe (Getty Images, Andy Warhol Foundation for the Visual Arts, Inc./Artists Rights Society (ARS), NY, Sotheby's, iStock)
Macklowe art collection fetches nearly $1B at auction
Macklowe art collection fetches nearly $1B at auction
A photo illustration of charter bus company North Fork Express (left), Tritec Real Estate's planned Ronkonkoma Hub project (middle) and Tritec Real Estate's principal Robert Coughlan (EverybodyWiki/Orenawong, Tritec Real Estate, iStock)
Holdout threatens massive Long Island development
Holdout threatens massive Long Island development
Midwood’s John Usdan and 210 Douglass Street (Midwood)
Landlord in rush for 421a booted Gowanus business: lawsuit
Landlord in rush for 421a booted Gowanus business: lawsuit
Elad Group's Isaac Tshuva and1299 Third Avenue (Getty, Google Maps)
Elad picks up shovel-ready UES development site
Elad picks up shovel-ready UES development site
Major Food Group managing partner Jeff Zalaznick in front of 37 Hudson Yards (Major Food Group, Google Maps)
Major Food Group bringing members club to Hudson Yards
Major Food Group bringing members club to Hudson Yards
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...