Tishman Speyer Scores Air Rights For Hudson Yards Tower In Return For A New Park
Tishman Speyer is planning to expand Hudson Yards' green space at the site of an auto repair building in return for air rights for a massive new tower.
The firm paid $20M last week for the two-story building at 527 West 36th St., the New York Post reports, citing city records.
The company plans to knock down the building and build a greenway between West 36th and West 37th streets on the western side of 10th Avenue, allowing for the extension of Hudson Yards’ Bella Abzug Park, according to the Post.
Thanks to a city incentive called the District Improvement Bonus, the company will score air rights that will allow it to build a tower on that same block, per the Post. The specifics of the air rights aren’t yet clear.
“Tishman Speyer is building and paying to construct the park,” Department of Parks spokeswoman Crystal Howard told the Post. “As part of the Hudson Yards zoning framework, Tishman Speyer will receive development rights for their contribution.”
Hudson Yards' first phase officially opened earlier this month. The $25B mixed-use development from Related Cos. and Oxford Properties Group is the centerpiece of the area, and it will ultimately feature some 18M SF of commercial space and thousands of new residential units.