Development rights to be used for new Hudson Yards rental building
Rockrose Development has acquired 139,093 square feet of air rights from the MTA for $20.5 million. The Elghanayan’s now have the necessary development rights to move forward with their Hudson Yards rental building.
Development Plans: The building will span around 467,000 SF, and contain 598 apartments.
Worth Noting: The firm began assembling the site in 2001… They recently paid $35.8 million to the Hudson Yards District Improvement Fund to acquire 278,186 SF of development rights, according to PincusCo.