One of the largest property owners of Manhattan real estate is set to expand. Tishman Speyer, owner of Rockefeller Center and the Chrysler Building is taking its game to the far west side of the city. As Crain's New York is reporting, the company is buying a large tract of land across the street from the Javits Center for more than $185 million, with early plans calling for a hotel.
The land, between West 36th and West 37th streets on 11th Avenue, can reportedly accommodate at least a 735,000-square-feet mixed-use property. Tishman Speyer is purchasing the site from the Imperatore family, which has owned it for several years.
The deal would solidify Tishman Speyer as the third major developer to build in the Hudson Yards neighborhood. The Related Cos. is in the process of developing a $20-billion complex of office, residential, retail, hotel, cultural and public space over the West Side rail yards. Across from Related's site, Brookfield Properties has begun constructing Manhattan West, a $5 billion office, residential and retail complex.
The Hudson Yards neighborhood is quickly being transformed, writes Crain's. "In addition to the High Line, the upcoming No. 7 subway extension, a new grand boulevard and millions of square feet of retail, cultural and public space are expected to make the area a thriving mixed-used district."