[IMGCAP(1)]NEW YORK CITY-Although rumors had quickly spread over the past few days that the Metropolitan Transportation Authority was poised to award Tishman Speyer Properties LP with the chance to develop the 26-acres constituting the Hudson Rail Yards here, the city has made it official. Although some final details still need to be ironed out, the MTA board did approve the firm’s just over $1-billion bid in a board meeting Wednesday, allowing the firm to transform the site into a mixed-use area including hotels, apartment buildings, parks, green areas and office towers as tall as 70 stories.

[IMGCAP(2)]The city held a conference just after 3 p.m. on 33rd between 10th and 11th avenues on the Eastern Yards to detail the MTA’s decision. Tishman Speyer, a developer that owns Rockefeller Center and the Chrysler Building, edged out what started as five developers, who all began the bidding war last fall for the land, which is the last largest undeveloped part of Midtown Manhattan. Last month, Brookfield Properties dropped out of the race. Tishman’s closest rival–a JV of the Durst Organization and Vornado Realty Trust–had Conde Nast Publications signed on as an anchor tenant. Other firms in the running were Extell Development Co., and the Related Cos.

[IMGCAP(3)]“We are in a recession and it has had a great impact on New York City,” began Gov. David Paterson during the press conference. “It has had a great impact and yet we are still launching a project, which shows optimism in the city’s future.” The MTA owns the land and will use the money to fund operations and capital expenses–including an extension of the nearby No. 7 subway line, which began construction in December.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.