NEW YORK | 99 Hudson (550 West 37th) | 745 FT | 48 FLOORS

[NYguy]

The stretch of the park in front of 70 Hudson Yards feels like a park you would find in the middle of a NYC neighborhood, not at the base of a large office tower. But it will make a difference for the massive residential towers going up across the way.

Meanwhile, they are finally finishing the last phase of the park. And I would love to be a kid for a day, when that playground is built.



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[UrbanImpact]

Damn, these kids have it made! We grew up with basic monkey bars, 🞵🞵🞵 burning slides, and concrete/asphalt under our swing sets.

[Busy Bee]

I'm an elder millennial, so we had surface of the sun metal slides but there was bark under our monkey bars. That still didn't prevent a classmate from breaking his neck falling from them. He still moves like Batman.

[NYguy]

I don't know if kids these days can truly appreciate a playground with all the "fixings".

BTW, that playground will be directly across the street from the new Port Authority ramp structure....

[NYguy]

https://www.bloomberg.com/news/articles/...break-for-2-7-billion-hudson-yards-tower

NYC Mulls Property-Tax Break for $2.7 Billion Hudson Yards Tower


By Martin Z Braun
September 10, 2026

New York is considering a $100 million property tax break for a new Hudson Yards skyscraper proposed by developer Tishman Speyer, in what would be the largest economic subsidy since Mayor Zohran Mamdani took office.

An arm of the city’s Economic Development Corporation is slated to vote Sept. 15 on the measure, which would support a 48-story office building in the neighborhood, a district on Manhattan’s far west side that’s thriving by almost any economic metric.

Construction of the $2.7 billion project, known as 99 Hudson Boulevard, is scheduled to begin in January, according to Tishman Speyer’s application for financial assistance filed with the city’s Industrial Development Agency. A public hearing on the application is taking place on Thursday.

The tax benefits for 99 Hudson will cost the city $92.2 million, while generating almost $860 million in direct and indirect tax revenue, according to an analysis by the IDA.

Tishman Speyer acquired the site for 99 Hudson Boulevard, across from the Jacob K. Javits Convention Center along 11th Avenue, in 2016. The planned 1.3 million-square-foot (121,000-square meter) tower would be the developer’s second skyscraper in Hudson Yards.

The company also developed The Spiral, a 66-story office tower with 60 outdoor terraces. It’s home to Pfizer Inc.’s headquarters, and HSBC Holdings Plc, AllianceBernstein Holding LP and hedge fund Marshall Wace LLP also lease space there.

Expected to open in 2030, 99 Hudson “will transform a long-vacant lot into a world-class office space while generating jobs, tax revenue and meaningful improvements in the public realm,” a Tishman Speyer spokesperson said in a statement

During the administrations of Bloomberg and Bill de Blasio, the IDA gave about $1 billion in tax breaks for developers Related Cos., Brookfield Properties and Tishman Speyer, according to agency documents.

De Blasio also used the agency to bolster the life-science industry, while his successor Eric Adams prioritized investments in a Queens movie and TV studio and clean energy, including a project to redevelop the South Brooklyn Marine Terminal into an offshore wind staging and port facility.

Hudson Yards got off to a slow start. It was rezoned in 2005, and in December 2006, a city agency began selling debt to finance the extension of the No. 7 subway line — running south and west from Times Square to 34th Street and 11th Avenue — which was key to the project.

Then came the Great Recession, and the city was forced to step in and cover $360 million in interest payments on $2 billion of municipal bonds backed by payments from developers in lieu of property taxes.

But in the past decade, developers have built a mega complex boasting some of the highest office rents in New York City, according to Avison Young, a real estate services firm. BlackRock Inc., Wells Fargo & Co., KKR & Co. and a slew of other blue-chip companies have moved to the 26-acre site.

Meanwhile, one-bedroom apartments in Related’s One Hudson Yards run between $5,700 and $7,900 per month, according to StreetEasy.

Hudson Yards has largely paid off its tab with New York City’s taxpayers.

Steven Fulop, president of the Partnership for New York City, a business advocacy group, said approving Tishman Speyer’s tax breaks is critical to New York City’s competitiveness.

“Major office construction projects unlock significant private investment, create thousands of jobs, generate tax revenue and turn vacant sites into productive engines of the city’s economy,” Fulop said in a statement. “At a time when New York needs sustained economic growth, the city should do everything it can to move such ambitious projects forward.”

[Crawford]

Finally. Good news this tower appears to be moving forward.

[ChiND]

Do we have any idea what this is going to look like?

[NYguy]

Originally Posted by ChiND

Do we have any idea what this is going to look like?

[ChiND]

Thanks. I was hoping that wasn't the case.

[NYguy]

https://www.bisnow.com/news/new-york/economic-development/tishman-speyer-tax-abatement-hudson-yards

Tishman Speyer Seeks $92M Tax Break For Hudson Yards Project


Sasha Jones
September 10, 2026

Tishman Speyer plans to start construction in January on a $2.7B Hudson Yards office tower if it can get a nearly $100M tax abatement from the city.

Tishman would provide or raise $1.2B in equity for the project and has pitched a payment in lieu of taxes deal that would total $92.2M in foregone revenue over 23 years, according to a cost-benefit analysis filed with the New York City Industrial Development Agency on Sept. 10.

The project is estimated to generate $274M in taxes from operations and $583M from jobs. Tishman expects 5,900 employees to work in the 49-story office building, though no tenants were listed in the document.

In a statement, a Tishman spokesperson said the IDA application is a “critical step towards realizing” the proposed development.

“This project will transform a long-vacant lot into world-class office space while generating jobs, tax revenue, and meaningful improvements to the public realm," the spokesperson said.

Also in Hudson Yards, Tishman developed The Spiral, a 2.8M SF trophy office tower that delivered in 2023. The building has been lucrative for the firm, signing some of the priciest leases in the city in recent years. Pfizer is headquartered at the Bjarke Ingels Group-designed tower, while HSBC and AllianceBernstein also have large presences.

Early last year, the property was refinanced with a $2.9B loan package that allowed Tishman and co-owner Henry Crown to cash out nearly $1B in equity.

Other developers are pushing ahead with new projects in the neighborhood after years of little to no office construction in the city.

Related Cos. and Oxford Properties Group are building a 70-story office tower, anchored by Deloitte. They are also planning ways to advance the second phase of Hudson Yards, which could deliver as many as 4,000 new homes.

[Crawford]

I'd wager the design has changed. That's the same design shown a decade ago, when the tower had different specs.

[NYguy]

Originally Posted by Crawford

I'd wager the design has changed. That's the same design shown a decade ago, when the tower had different specs.

It’s the one they’re using for approval. I wouldn’t say it would look 100% as is, but I wouldn’t expect anything radically different. Maybe a feature of more terraces. But basically a box with a podium. We’ll see.

[NYguy]

[Crawford]

I believe this is a new design?

https://www.briefs.co/news/new-york-weighs-100-million-tax-break-for-99-hudson-boulevar/

[NYguy]

Originally Posted by Crawford

I believe this is a new design?

https://www.briefs.co/news/new-york-weighs-100-million-tax-break-for-99-hudson-boulevar/

AI slop.

[ChiND]

https://www.pincusco.com/tishman-speyer-files-plans-for-1m-sf-office-building-in-hudson-yards/

Tishman Speyer files plans for 1M sf office tower in Hudson Yards
September 14, 2026 10:54 am


99 Hudson Boulevard axonometric diagram (Credit - Michael Ritchie architect via DOB)


The design that Pincus posted looks somewhat like what we’ve seen before.


PBase

[NYguy]

I’d be surprised if it’s still that. They plan to begin work early next year (if not the end of this year), so we’ll know soon.

[ChiND]

They must have a tenant.

[mrnyc]

NYC Weighs $100M Tax Break for Hudson Yards Office Tower

New York is weighing a $100 million property tax break for Tishman Speyer’s new Hudson Yards office tower, its largest subsidy since Mayor Mamdani took office.

September 14, 2026
ByNina Dale COO CRE Daily


New York’s Economic Development Corporation is set to vote Sept. 15 on a $100 million property tax break for Tishman Speyer’s proposed 48-story office tower at 99 Hudson Boulevard.

The $2.7 billion project would cost the city $92.2 million in tax benefits while generating almost $860 million in direct and indirect tax revenue, according to an IDA analysis.

The subsidy could put Mayor Zohran Mamdani at odds with his progressive base, which argues tax giveaways favor developers over affordability priorities like his city-owned grocery store initiative.

New York is considering a $100 million property tax break for a new Hudson Yards office tower proposed by Tishman Speyer, according to Bloomberg. It would be the largest economic subsidy granted since Mayor Zohran Mamdani took office. An arm of the city’s Economic Development Corporation is scheduled to vote Sept. 15 on the measure, which would support a 48-story building in a district that’s thriving by almost every economic metric.


more:
https://www.credaily.com/briefs/nyc-weighs-100m-tax-break-for-hudson-yards-office-tower/

[NYguy]

https://www.bloomberg.com/news/articles/...roperty-tax-break-for-hudson-yards-tower

City postpones vote on property tax break for Hudson Yards tower


By Martin Z. Braun
Sept 15, 2026

New York City put off voting on a $100 million property tax break for a new Hudson Yards skyscraper proposed by developer Tishman Speyer, in what would be the largest economic subsidy since Mayor Zohran Mamdani took office.

The city’s Industrial Development Agency, which provides tax incentives to developers and businesses, didn’t take up a resolution on the tax break at its meeting Tuesday morning. It wasn’t immediately clear why the vote didn’t proceed; the agency could revisit or once again postpone the vote at its next meeting on Nov. 17.

A spokesperson for Mamdani didn’t respond to a request for comment. A Tishman spokesperson declined to comment.

Construction of the $2.7 billion project, known as 99 Hudson Blvd., is slated to begin in January, according to Tishman Speyer’s application for financial assistance filed with the IDA. The planned 48-story tower would be the developer’s second skyscraper in Hudson Yards, a neighborhood of offices, luxury apartments, and parks on Manhattan’s far west side.

Related Cos., the primary developer of Hudson Yards’ first phase, struck a deal with former Mayor Eric Adams and the City Council to build a $2 billion taxpayer-funded platform over the western rail yards to spur more residential and commercial development, including affordable housing.

Bonds issued for the platform would be backed by payments in lieu of taxes and other revenue from developers, the same structure the city used to finance a $3 billion extension of the No. 7 subway line from Times Square to 34th Street and 11th Avenue.

“The public deserves to know whether these two transactions are financially connected before either connection becomes irreversible,” Law-Gisiko wrote in public comments to the IDA dated Sept. 10. “A public hearing cannot provide meaningful transparency if the public is shown the tax benefit on one side of the transaction but not told where the resulting PILOT revenue may ultimately go.”

In the past decade, the Hudson Yards Infrastructure Corp, created by the city to issue bonds for the redevelopment, has transferred about $2 billion in surplus revenue collected from developers of the eastern rail yards to the city after paying debt service, according to HYIC financial reports.