Tishman Speyer paid city, state $78M for air rights at Hudson Yards project

Developer Tishman Speyer spent $78 million earlier this year to obtain air rights from the state and the city for its Hudson Yards project the Spiral. The developer bought the air rights from the city and state’s joint stock of development rights that are associated with the 2004 rezoning of the eastern rail yards, Crain’s […]

Government briefs: Taxpayer tab for 421a comes to $1.4B, theater owners asked to cough up more for air rights … & more

From the October issue: New York City is projected to forgo $1.4 billion in tax revenue for fiscal year 2017 as a result of the now-defunct 421a tax exemption, which continues to apply to projects that qualified for the program prior to its expiration at the end of 2015. [more] … [more] Source: Real Estate