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Tishman Speyer acquires 527 West 36th Street

Firm will build park in exchange for air rights

Existing garage at 527 West 36th Street (ERG Property Advisors)

Tishman Speyer has acquired 527 West 36th Street from Robert Gans for $20.14 million. The deal paves the way for the next segment of Bella Abzug Park in Hudson Yards, which will be situated west of 10th Avenue. Park segments between West 33rd and West 36th Streets are already open.

Be Smart: In exchange for building the park, Tishman will receive a significant amount of air rights (number still unknown) for its proposed office tower across from the Jacob K. Javits Convention Center. The air rights come in the form of a District Improvement Bonus, a city incentive to encourage development in the Hudson Yards District”, according to the NYPost. The new tower at 434-444 Eleventh Avenue will spans 1.3 million square feet. It will be the firm’s second major tower in the Hudson Yards as they continue to developer The Spiral at 66 Hudson Boulevard.

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