The Hudson Yards area is now one tower down, as the Dermot Company has dropped its plans to build a 500,000-square-foot residential tower on Dyer Avenue between 33rd and 34th Streets. During the summer, the developer won the bid to buy the property from the Port Authority for $115 million. Crain's reports that they also had the option to pay $60 million more for additional development rights, but ultimately the deal fell through, in part because it's a complicated site.
It consists of two oddly-shaped parcels on either side of Dyer Avenue, and any tower would likely involve cantilevering over the road or building a deck over it. Crain's note that the work "is required because Dyer Avenue runs below grade," but it "presented a costly step in preparing the site for development." It's unclear if the Port Authority has a second place developer ready to take over, but the agency is no doubt bummed to be missing out on $175 million.
· Developer closes door on West Side tower plan [Crain's]
· Hudson Yards Watch [Curbed]
· The Definitive Guide to the Hudson Yards Development Boom [Curbed]
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