Over the years the Hallmark Abstract Service blog has occasionally dabbled around the periphery of an extremely complex and somewhat misunderstood segment of New York City real estate…Air Rights!
Transferable development rights, TDRs or air rights, allow for the transfer of unused development rights to another development site. The transfer of these air rights allows buildings to become taller and bigger than the city zoning code allows. (Source)
Simple enough sounding concept, but the reality is that air rights are an arcane and complex segment of the development landscape within New York City.
Tishman Speyer Hudson Yards Spiral Office Tower!
In its efforts to build a $3.2 billion 65-story tower, Tishman Speyer needed to go out into the marketplace and secure the air rights that would allow them to make this project happen.
And, secure them they did, at a cost of $265MM!
This is a summary, with the full article available at ConstructionDive here…
- Tishman Speyer has purchased an additional $157 million worth of air rights for its $3.2 billion, 65-story Spiral office tower at New York City’s Hudson Yards, giving the company the air rights it needs to begin development, according to The Real Deal.
- This latest purchase from the Hudson Yards Infrastructure Corporation and the Metropolitan Transportation Authority (MTA) gave the developer 669,000 square feet of space. Tishman Speyer has spent $265 million in all for more than 1 million square feet of air rights.
- The Bjarke Ingels–designed tower will feature signature landscaped terraces winding up its exterior. Pharmaceutical giant Pfizer will be its anchor tenant, leasing 800,000 square feet.
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