Georgetown Company planning new tower by Hudson Yards
Georgetown Company, former City Planning Commissioner Joseph Rose and individuals related to the late Peter Sharpe are planning a new tower by Hudson Yards on a site that has a soon-to-expire easement for the Gateway Tunnel project.
The new building, sources say, is being designed by Skidmore Ownings & Merrill — the architects behind the One World Trade Center.
The Commercial Observer first reported news of the new 25-story building, which will come with massive, 80,000-square-foot floor plates.
It will be built on the Twelfth Avenue blockfront between West 29th and West 30th streets on an L-shaped parcel.
The tech companies that are flocking to Hudson Yards often prefer large floors for better interaction.
Georgetown previously developed 787 Eleventh Ave. and the iceberg-like IAC Building along the West Side Highway at West 18th Street.
In 2010, documents show Georgetown had granted a 10-year easement to the Port Authority of New York & New Jersey for aspects of a new tunnel, then known as the ARC project. But the easement never granted the Port Authority any rights to the “surface” of the property.
Despite options to extend the agreement (the Port Authority would have had to provide notice to Georgetown by September 2018 and pay as much as $25 million for just one year), it did not do so.
New Jersey’s former Gov. Chris Christie announced he was shutting down the project in October 2018, just one month after the agreement was signed that required a $96.6 million payment to the Georgetown group. Christie cited rising costs at the time, and has said he cut a deal that split the costs in a better way with each state paying 25 percent and the federal government the rest.
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