Multi-million dollar buyouts in NY getting common

New York

TISHMAN Speyer Properties, one of New York City's most active real estate developers, had bought two parcels of land on the Far West Side of Manhattan to clear the way for a 2.8 million-square-foot office tower planned for Hudson Yards.

Standing in the way, though, were the occupants of two apartments on the site. So this year, the developer turned to a lubricant that can be counted on to ease New York City tenants out of their rent-regulated units - a buyout, in this case, for US$25 million in total to three tenants.