search

The Real Deal Logo

Trending

Marty Burger’s new venture sputters on takeoffMarty Burger’s new venture sputters on takeoffLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aHarry Macklowe faces major losses on Miami, Midtown projectsHarry Macklowe faces major losses on Miami, Midtown projectsDavid Werner strikes $115M deal to snap up 100 Wall Street at big discountDavid Werner strikes $115M deal to snap up 100 Wall Street at big discount
New York

Dermot drops plans for 500K sf Hudson Yards resi tower

Developer paid $170M for site, but cantilevering of the structure would be too costly: sources

Dermot’s William Dickey and the development site at 33rd Street and Dyers Avenue on the far West Side
Dermot’s William Dickey and the development site at 33rd Street and Dyers Avenue on the far West Side

The Dermot Company scrapped plans to construct a 500,000-square-foot residential tower at Hudson Yards after signing a contract in June to pay up to $175 million for the site.

Sign Up for the undefined Newsletter

The Port Authority of New York & New Jersey selected Dermot to develop the 25,000-square-foot site at West 33rd Street And Dyer Avenue in a February auction. Dermot bid $115 million at the time, as The Real Deal reported. Extra development rights cost about $60 million.

The tower would have had to cantilever over part of Dyer Avenue, making the project even more costly than expected, sources told Crain’s. Dermot was among 11 developers to respond to a Request for Proposal issued by the Port Authority for purchase and development, but it is unknown if the agency will move forward with another one. The Port Authority has owned the land since 1952. [Crain’s] — Mark Maurer

Tags
Dermot CompanyHudson YardsPort Authority