With Tishman Speyer now in the driver's seat at the Hudson Yards (proposal images above), let's take a closer look at the West Side's new overlords. Founded in 1978 by partners Robert Tishman and Jerry Speyer, Tishman Speyer has grown to become one of the largest real estate development/investment/management firms in the country, if not—dramatic pause—the world. Signature properties in Tishman Speyer's portfolio include the Chrysler Building, Rockefeller Center and Berlin's Sony Center.
In 2006, Tishman Speyer purchased the middle-class enclave of Stuyvesant Town/Peter Cooper Village in Manhattan for a record $5.4 billion, and the company has been busy gussying it up and shifting the apartments to pricey market-rate rentals. Soon after, the company set another record, selling the office building at 666 Fifth Avenue for $1.8 billion. Phew. OK, now that that's settled, let's focus on the future of the rail yards, twice the acreage of the World Trade Center and almost as complicated. The $1.004 billion deal with the MTA for the development rights may be settles, but there are many questions left to be answered.
Here are just a few that intrigue us. >>
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