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Tishman Speyer, Eliot Spitzer Betting Big on Hudson Yards

Far West Side neighbourhood set to be transformed

hudson-yards-nyc-phase-1-from-new-jersey-dv-113012

The real estate development at Hudson Yards continues to heat up as real estate firm Tishman Speyer and politician-turned-developer Eliot Spitzer join the race to build more commercial and residential properties in the area.  Tishman Speyer is reportedly paying $185 million for a site across the street from the Javits Center. Former New York Governor Eliot Spitzer is reportedly in advance planning stages for an office building at Hudson Yards — to be built on a parking lot he purchased last year.

Tishman Speyer has bought the land on 11th Avenue, between West 36th and West 37th streets. The New York-based real estate firm is expected to develop over 735, 000 square feet mixed-use property, with a hotel along with residential properties. Tishman Speyer owns few of the most iconic properties in New York, including the Rockefeller Center and the Chrysler Building.

 

TishmanSpeyer.HY Hudson Yards 1

 

Eliot Spitzer is planning a mixed-use tower covering 415, 000 square feet, including office space of around 300, 000 square feet, located at the northwest corner of 10th Avenue and 35th Street, The Real Deal reports. The developer also owns an adjacent property that he bought three years ago.

Eliot Spitzer has taken over much of his family’s real estate business, after the death of his father Bernard Spitzer — a prominent New York real developer. The Spitzer Family’s portfolio is estimated to be worth more than $1 billion.

In recent years, the Metropolitan Transportation Authority has been working to develop the Hudson Yard neighborhood. Due to recessions many developers have kept away or the area or backed out of the projects. However, the trend has now been fully reversed. Related Companies and Brookfield Properties are already developing site at far West Side, building large residential and office projects with estimated combined worth of $25 billion.

Eliot Spitzer former governor of New York/ Getty

Background 

On October 5, 2007, the Metropolitan Transportation Authority (MTA) released the names of the five real estate developers who submitted bids for the redevelopment of its open train yards, near the Hudson River, in midtown Manhattan.

Gary Barnett‘s Extell Development posted its plan that straddle 11th Avenue, between 30th and 33rd Streets, on its website a few days in advance of the authority’s public exhibition, in early December, 2007, of the competing plans.

 

extell Gary Barnett

 

The other four submissions were Brookfield Properties Developer LLC, The Related Companies, TS West Side Holding, LLC (a joint venture of Tishman Speyer and Morgan Stanley), and Hudson Center East LLC and Hudson Center West LLC (a joint venture of Vornado Realty Trust and The Durst Organization, Inc.).

 

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