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Developer Buys 35k SF of Air Rights for Hudson Yards Hotel

David Marx of Marx Development Group just paid $7M for 35,550 SF of transferable development rights from Eastern Rail Yards. No plans have been filed yet but he'll supposedly use those rights for a 39-story, 438-key hotel at 450 11th Ave in the Hudson Yards district. Marx has been trying to get this project off the ground since 2007, but his efforts were hampered by the Great Recession, Commercial Observer reports. After losing the property to the Lehman Brothers in 2011, the developer managed to buy it back for $35M in 2013. Groundbreaking is slated for 2016. [CO]