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Old Posted Jun 10, 2015, 2:59 PM
Vertical_Gotham's Avatar
Vertical_Gotham Vertical_Gotham is offline
N40° 46.8925', W073° 57.3
Join Date: Mar 2013
Location: New York, NY
Posts: 300
Smile NEW YORK | 99 Hudson (550 West 37th) | 745 FT | 48 FLOORS

Good news! I've been waiting for this to sell. Article says aprox 640k sf, but from my investigation... I have around 880k sf. Ever since, losing out the bid to Related, it's clear they want to be a major player and put their stamp in the Hudson Yards!

Pretty much, most of the Boulevard parcels are spoken for, except that Javits Hotel site that sits between 35th and 36th Street on 11th Ave. Chetrit is selling his lot that sits between 37th and 38th Street. Maybe Tishman makes a play for it too.

As per Acris, I had identified this address (550 West 37th) to be purchased by TS. It's an l shape lot that runs from 11th Ave on 36th street and runs up to 37th street bordering the eventual Hudson Boulevard.

Tishman Speyer is buying a $300M Hudson Yards development site


The owner of Rockefeller Center, the Chrysler Building and other trophy real estate in midtown is betting that the center of Manhattan will shift to the far West Side.

Tishman Speyer is buying a large development site across the street from the Javits Center for more than $300 million, say several sources familiar with the deal. The land, between West 36th and West 37th streets on 11th Avenue, can accommodate at least a 640,000-square-feet mixed-use property, including a residential or hotel development. Tishman Speyer is purchasing the site from the Imperatore family, which has owned it for several years.

Sources speculated that Tishman Speyer could acquire additional air rights in the district that would allow it to build bigger, expanding the square footage to at least 1.7 million square feet.

The deal would solidify Tishman Speyer as the third major developer to build in the Hudson Yards neighborhood. The Related Cos. is in the process of developing a $20 billion complex of office, residential, retail, hotel, cultural and public space over the West Side rail yards. Across from Related's site, Brookfield Properties has begun constructing Manhattan West, a $5 billion office, residential and retail complex.

Even before this potential deal, Tishman Speyer had plans to invest in the neighborhood. The company was the original winner chosen by the Metropolitan Transportation Authority in 2008 to develop the rail yards, but backed out during the recession. Related subsequently swooped in and reached an agreement with the MTA to lease and develop the site.

Then last year, Tishman Speyer returned to Hudson Yards and paid $438 million for another development site located between West 34th and West 35th streets on 10th Avenue that can accommodate almost 3 million square feet of office space. The developer disclosed that it plans to spend more than $3 billion on that project.

Tishman Speyer owns some of the most prominent buildings in the city. In addition to Rockefeller Center and the Chrysler Building, the company controls 200 Park Ave., a soaring office tower above Grand Central Terminal.

The Hudson Yards neighborhood is quickly being transformed. Major office tenants such as Coach, Time Warner and Skadden Arps have committed to the area. Most recently, the law firm of Boies Schiller & Flexner became the first office tenant at Related's 55 Hudson Yards.

In addition to the High Line, the upcoming No. 7 subway extension, a new grand boulevard and millions of square feet of retail, cultural and public space are expected to make the area a thriving mixed-used district.
Although, they have a nice amount of square footage for development, I suspect this goes around 800' because of the size of the parcel and it's irregular shape. Although, there is speculation they may buy more air rights to upgrade to 1.7msf, I think this has a great chance reaching over 300m.

Last edited by Vertical_Gotham; Jun 10, 2015 at 3:11 PM.
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