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Tishman Speyer has completed the assemblage for a second tower in the Related Cos’ Hudson Yards development.
The planned 1.3M SF office tower with retail will sit across from the Jacob Javits Center, on a 7,400 SF parcel on which Tishman has closed, announced Wednesday.
Tishman bought the land at 550 West 37th St for an undisclosed price from the Chiaia family of New Jersey, The Real Deal reports. Tishman also closed this month on the neighboring 434-444 Eleventh Ave, purchased from the Imperatore family for $185M.
The new tower will share Hudson Yards with Tishman’s other project, The Spiral, a 2.85M SF tower at 34th Street and 10th Avenue. Tishman received a $170M tax abatement for that project.
Tishman CEO Rob Speyer said in a statement that the move reflects the developer’s belief that “Manhattan’s far west side is well on its way to becoming the world’s most modern, dynamic and sustainable neighborhood.” [TRD]
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