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Tishman Speyer is ponying up the cash so its Hudson Yards Spiral can twist even further into the skies.
The developer purchased $78M of air rights from the city and state’s joint reservoir of development rights to expand the tower, which will now total 3M SF across 65 floors on a full-block site between West 34th and West 35th streets, Crain’s reports.
This is Tishman Speyer’s second air rights purchase for the tower, after it bought $30M worth of rights from the Imperatore family last summer. The developer originally spent $438M for the land and spent $25M on tenant buyouts.
The city has sold nearly 1M SF of the rights since the rezoning in 2004, and has 3.6M SF remaining. No construction start date has been set, as Tishman is looking for an anchor tenant. BlackRock is considering moving its HQ to the tower. [Crain’s]
