Tishman Speyer files $16.2M DOB plan for air conditioning at Spiral in Hudson Yards

Tishman Speyer filed a New York City Department of Buildings job application with an initial cost of $16.18 million for a build-out at the Spiral at 66 Hudson Boulevard in Hudson Yards, Manhattan.
The job, filed by Nick Ivezaj, a hospitality executive at Tishman Speyer, is described as: Hereby filing to install mechanical units with associated ductwork and piping for office fit out as shown on plans filed herewith. No change to use, occupancy or egress. The work is on floors three to six and 29 to 30. The job is additionally described as: Install of ac [air conditioning] units with associated duct work. The application number is M08038379.

The property

The office building in Hudson Yards has 2,216,567 square feet of built space according to a PincusCo analysis of city data. The property is owned by Tishman Speyer. The parcel has frontage of 347 feet and is 197 feet deep with a total lot size of 67,397 square feet. The lot is irregular. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $632.2 million. The most recent loan totaled $300 million and was provided by NYC Industrial Development Agency on June 21, 2022.

Prior sales and revenue

This property was sold with 4 other properties for $200 million on April 29, 2014.

Violations and lawsuits

According to city public data, the property has received $45,625 in ECB penalties and $46,025 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Hudson Yards, The majority, or 83 percent of the 41.1 million square feet of commercial built space are office buildings, with elevator buildings next occupying 9 percent of the space. In sales, Hudson Yards has near average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 13th highest in Manhattan. For development, Hudson Yards has near average amount of major developments among other neighborhoods and is the 14th highest in Manhattan. It had 2 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 2,669,384 square feet of the 2,669,384 square feet. The two identified owners are Tishman Speyer and Moinian Group. On the tax block, there were two new building construction projects totaling 2,669,384 square feet. The largest is a 2,216,567 square-foot office (B) building submitted by Tishman Speyer and filed by Patrick Shiels with plans filed September 29, 2016 and permitted April 4, 2019. The second largest is a one-unit, 452,817 square-foot business (B) building submitted by Boston Properties and filed by Robert Schubert with plans filed August 13, 2014 and permitted July 25, 2017.

The owner

The PincusCo database currently indicates that Tishman Speyer owned at least 89 commercial properties with 2,352 residential units in New York City with 17,517,935 square feet and a city-determined market value of $6.4 billion. (Market value is typically about 50% of actual value.) The portfolio has $3.1 billion in debt, with top three lenders as Wells Fargo, Blackstone Group, and Bank of America respectively. Within the portfolio, the bulk, or 76 percent of the 17,517,935 square feet of built space are office properties, with elevator properties next occupying 13 percent of the space. The bulk, or 78 percent of the built space, is in Manhattan, with Queens next at 16 percent of the space.

The surrounding

Within a 400-foot radius of 449 10 Avenue, PincusCo identified six commercial real estate items of interests occurred over the past 24 months. One of those six items was a sale which Related Companies bought the industrial (G7) parcel on 511 West 35th Street and two other properties for $77 million from Spitzer Enterprises on October 28, 2021. Of those six items, five were loans above $5 million totaling $1.1 billion. The most recent of the five was Maddd Equities and Joy Construction in which borrowed $44 million from Valley National Bank secured by the 48,264-square-foot, 148-unit hotel (H2) on 444 10th Avenue on October 5, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.