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Old Posted Aug 30, 2017, 11:23 AM
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Eidolon Eidolon is offline
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Smile NEW YORK | Moynihan Station Tower | ~1000FT | FLOORS

It's time that this potential supertall gets it's own thread since things are finally moving at Moynihan Station. One thing that always makes me ponder about this project is whether the developer will transfer the air rights to an adjacent site or build the tower on top of Moynihan Station itself, which would be much more convenient for tenants. Something comparable in scale to the Salesforce Tower would be just what the doctor ordered.

3 years ago.....
Massey Knakal to market 1.5M sf of Moynihan Station air rights

By Adam Pincus
June 27, 2014 12:37PM

Quote:
New York State’s business promotion corporation, Empire State Development, picked the investment brokerage firm Massey Knakal Realty Services to sell the 1.5 million square feet of air rights above Moynihan Station in Midtown.

The announcement was made today during a meeting of the directors at Empire State Development. The decision could jump-start additional development around the station.

The sale of air rights is part of the larger, ongoing Moynihan Station redevelopment plan, which will bring New York Penn Station entrances to the James A. Farley post office building at 421 Eighth Avenue, between 31st and 33rd streets. The state acquired the building in 2007.


At least five groups — Massey Knakal Realty Services, Eastdil Secured, JLL, Cushman & Wakefield and a joint venture between two smaller firms, City Center Real Estate and Tenant Wise — had been vying for the job, insiders said. The state agency interviewed the firms in April in preparation for making today’s decision. Some of the individual brokers at the firms who responded to the request for proposals included Robert Knakal, chairman of Massey Knakal; Richard Baxter, a vice chairman at JLL; and Robert Shapiro, president of City Center.
To today....

Fate of Moynihan air rights unclear as $1.6B project moves forward

Quote:
Potential additional funding is available for the $1.6 billion train hall planned for the James A. Farley building, but the fate of the financing’s source remains up in the air.

The post office on Eighth Avenue has 1.5 million square feet of air rights that were not part of the deal reached between the state and the development team tapped to transform the building (Vornado Realty Trust, Related Companies and Skanska). State officials said on Friday that the financing of the train hall doesn’t depend on any air rights sales.

But on Monday New York senior Sen. Chuck Schumer mentioned the development rights alongside the “good chunk of federal funding” that is expected for the project.

“There will be private dollars. The air rights are going to bring in a whole lot of money,” Schumer said during a press conference at the newly opened West End Concourse.

He didn’t specify the amount expected, but previous estimates place the value of the air rights between $450 million and $500 million. In 2016, developers paid $292 per square foot on average for rights in Manhattan, according to TenantWise.

Last edited by Eidolon; Apr 10, 2018 at 8:58 AM.
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Old Posted Apr 10, 2018, 8:52 AM
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Found a previous version of the tower proposed here, looks to be comparable in size to the ones sprouting at Manhattan West. 50 stories tall and designed by HOK. Hopefully they go taller though or else this will be completely invisible.
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Old Posted Apr 10, 2018, 12:22 PM
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That was one if the proposals from the five or six teams that submitted plans for the site, early in redevelopment plans. Some called for two towers. It predated plans for moving MSG, and later Manhattan Community College to the site. Now the developers will just renovate the existing building with office space and retail, but the air rights remain. I could see them being moved just south of the building on 31st street where some residential towers could be built.
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