Sunday, May 4, 2014

Tishman Speyer to Build Massive 1,800-foot Westside Tower

Tishman Speyer Properties, owner of Rockefeller Center, plans to develop a tower in the fledgling Hudson Yards district on the far west side of Manhattan.The developer has bought a block of undeveloped land stretching from West 34th to West 35th streets for $438 million to build the 2.85 million-square-foot Hudson Spire. The conceptual mixed-use tower will include offices and street-level retail, rising 108 floors and over 1,800 feet, making it the tallest tower in North America.

Rarely does an opportunity become available to build a city's tallest tower, especially in New York City, which is known for its iconic buildings.

The Hudson Spire could one day become the tallest building in the United States surpassing One World Trade Center, thus making it the world's fourth-tallest building.

The conceptual 2.85 million square foot building, located at 435-447 Tenth Avenue, is being designed by MJM + A Architects.

This mega development will take place in the Hudson Yards, epicenter of Manhattan's New West Side which will include over 26 million square feet of office space, 20,000 new residences, luxury hotels, and two million square feet of retail.

In addition, there will be a 750-seat public school. According to Forbes, the Hudson Yards is the largest private real estate development in the United States and the largest in New York City since Rockefeller Center.

The site at 435 Tenth Avenue faces Hudson Boulevard, running from 501-507 West 34th Street to 510-528 West 35th Street. In the years ahead, the Hudson Yards district will be the most dynamic neighborhood in the City.

Construction activity is beginning to boom in the vicinity, as the 7-line’s 34th Street extension is set to open this year. The station will anchor a new business district, and the corresponding skyline will become the neighborhood’s defining feature, as it will likely host the tallest buildings in New York City.

Hudson Yards will be New York City's next great neighborhood. The area will be an exciting hub of connectivity, community, culture and creativity. It will reshape Manhattan's west side and the impeccable New York City skyline. The neighborhood will be an exciting hub of connectivity, community, culture and creativity; and it is expected to have over 24 million visitors every year.

Is One World Trade Center's height getting trumped already?

The Hudson Spire would certainly represent an upwards leap. The height reduction of Related’s tallest tower — at 30 Hudson Yards — will also allow any tower to enjoy completely unobstructed views from a relatively low 1,227 feet.

The building highlights luxury residences from the tower's 80th to 108th floors, with an observation deck. The views would definitely be the driving motive behind extreme verticality.

Two major drivers in the area are the High Line and the 7 train extension.

The High Line's third and final phase is expected to open later this year. It will loop around Hudson Yards as it turns to the Hudson River at West 30th Street, culminating at Twelfth Avenue and West 34th Street.

Hudson Yards will be the most accessible neighborhood in New York City with unparalleled connections to commuter rail, subway, traffic, and ferry system along the Hudson River. The entrance to the newly extended 7 train will be only one block north from this site.

Hudson Yards has already established itself as a highly sought after location for office tenants who desire to be in state of the art space amongst a well thought out urban plan.

Whether the first residential towers of the Hudson Yards can justify astronomical pricing remains to be seen, but the effort to transform the neighborhood is already beginning, and several new projects are about to sprout.

Coach purchased a 740,000 SF condo in Related Companies first tower, currently rising on West 30th Street. L'Oreal, the Paris based cosmetic company, followed suit with a lease of 402,000 square feet. SAP also leased 115,000 SF in the top tower.

Most recently, Time Warner has announced it will move its 5,000 employees into 30 Hudson, which will be Related's tallest tower at the southwest corner of Tenth Avenue and West 33rd Street. The tower will rise 80 stories to 1,227 feet. Time Warner will ultimately own 40% of this building.

The Hudson Spire is located at a focal point of Hudson Yards being only one block north of the 7 train extension and Related's 26 acre, 17 million SF mega site, which runs from West 30th to West 34th Street.

The Jacob Javits Center, New York City's largest convention center, sits one block to the West with the Hudson River beyond.

Most importantly, the site faces the 12 acre Hudson Boulevard Park, which will run from West 33rd to West 38th Streets, splitting the blocks between Tenth and Eleventh Avenues. Finally, the site is only a few blocks away from the new High Line extension entrance.

The Spire’s imminent potential also harkens to the dramatic quality gap emerging between the Far West Side and Midtown East, and as New York’s flagship companies begin migrating to the glimmering buildings of the Hudson Yards, the area surrounding Grand Central will appear increasingly antiquated — though if the re-zoning does pass under DeBlasio, Park Avenue’s prospects will become much brighter.

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