The Real Deal New York

Posts Tagged ‘Air Rights’

  • 520-park

    From left: 520 Park Avenue rendering, William and Arthur Zeckendorf (credit: Marc Becker) and Christ Church

    Developers William and Arthur Zeckendorf’s planned 51-story condominium tower at 520 Park Avenue will have a $100 million penthouse, the Wall Street Journal reported, citing unnamed sources. [more]

  • Cantilever-Barnett

    225 West 57th Street with and without cantilever and Gary Barnett

    More than 100 members of the Art Students League of New York opposed to the League’s deal to sell air and cantilever rights to Gary Barnett’s Extell Development for his mixed-use tower at 225 West 57th Street, filed suit this week to block the transfer. [more]

  • Hudson River Park

    Hudson River Park

    The financially strapped trust that controls the Hudson River Park is looking into the possibility of selling the air rights at seven piers.  Trust officials believe those sales could help generate nearly half a billion dollars for key infrastructure projects in the city.

    The Hudson River Park Trust believes that underutilized parcels along 12th Avenue would be ripe for development were air rights to be sold, given their proximity to Hudson Yards and the High Line. Many of these parcels are government-owned, including a U.S. Postal Service facility on West 24th Street. [more]

  • gardner-kimmelman

    From left: Michael Kimmelman, One57 and Central Park South (credit: Alex Filatov)

    In a recent article, the architecture critic of the New York Times, Michael Kimmelman, questioned the wisdom of constructing all those super-tall buildings around the city, especially on the southern edge of Central Park. [more]

  • kimmelman-salmon

    From left: Michael Kimmelman, One57 and Felix Salmon

    If city agencies and community groups were granted more authority on air rights transfers for all new skyscrapers, it would unnecessarily add more hurdles to the approvals process, writes Reuters finance journalist Felix Salmon.

    Salmon’s column was directed at New York Times architecture critic Michael Kimmelman and other writers who advocated limiting the role of private builders and expanding the public review component in the construction of tall buildings in New York City. [more]

  • Michael Kimmelman and One57

    Michael Kimmelman and One57

    City agencies and community groups should have a greater say in air rights transfers, and the city should place a cap on the amount of air rights that can be bought without a public review, according to the architecture critic for the New York Times. [more]

  • Andrew Cuomo and Hudson River Park

    Andrew Cuomo and Hudson River Park

    Governor Andrew Cuomo signed a bill into law yesterday that gives the cash-strapped Hudson River Park the ability to sell up to 1.6 million square feet of air rights. Cuomo had until midnight today to decide on the fate of the bill, which will likely result in commercial and residential development at the park, located on the Far West Side of Manhattan between Battery Place and West 59th Street. [more]

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  • From left: Andrew Cuomo, Hudson River Park, Michael Bloomberg and Diana Taylor

    From left: Andrew Cuomo, Hudson River Park, Michael Bloomberg and Diana Taylor

    Governor Andrew Cuomo has until midnight tomorrow to decide whether to push through a bill that would allow the Hudson River Park to sell up to 1.6 million square feet of air rights. Though approval of the bill would bring much-needed funds to the cash-strapped park, located on the  Far West Side of Manhattan between Battery Place and West 59th Street, environmental advocates have warned that it would usher in residential and commercial development that would mar the waterfront. [more]

  • Rick's Cabaret at 50 West 33rd Street

    Rick’s Cabaret at 50 West 33rd Street

    Perhaps it’s for a giant pole? A popular Midtown gentlemen’s club has paid $13 million for 39,000 square feet of air rights above its building at 50 West 33rd Street. As part of the deal with developer Elo Organization, Rick’s Cabaret International has also secured an option to buy both the building and land for $10 million within the next five years, the club said. [more]

  • From left: Vicki Been, Midtown East and Amanda Burden

    From left: Vicki Been, Midtown East and Amanda Burden

    While the City Council debates the virtues of the Bloomberg administration’s plan to rezone a large section of Midtown East, a new report by New York University’s Furman Center for Real Estate shows that the rezoning’s pricing structure for air rights may hurt its twin goals of encouraging new development while raising funds for infrastructure improvements. [more]

  • St. Bartholomew’s Church, which has just under 650,000 square feet of air rights

    St. Bartholomew’s Church, which has just under 650,000 square feet of air rights

    A group is looking to create an air rights “bank,” which will serve non-profits looking to sell air rights in Manhattan — a proposal it says will generate $600 million for such owners. [more]

  • Midtown East

    Midtown East

    New York City plans to charge developers at least $250 per square foot for the right to build extra tall buildings in a rezoned Midtown East. That price for air rights, transit advocates say, is way too low. [more]

  • gods-love-we-deliver

    166 Sixth Avenue (Inset: Michael Kors)

    Soho charity God’s Love We Deliver is relocating to a 20,000-square-foot space in Williamsburg at the end of the month as a $25 million renovation begins on its headquarters. [more]

  • God’s Love We Deliver in Soho
    (Source: Streetsblog)

    Quinlan Development Group will pay $4 million for air rights from God’s Love We Deliver — a Soho nonprofit that is expanding its headquarters in the neighborhood — and intends to build a 14-story residential condominium project, the New York Times reported.

    The charity, which provides the sick and homebound with meals, wants to sell the development rights to raise funds for a $26 million expansion at 166 Sixth Avenue, at Spring Street. [more]

  • 80 Forsyth Street

    80 Forsyth Street in center (credit: PropertyShark)

    A synagogue that has been converted into a professional artist studio has hit the market for $6.2 million, Curbed reported. [more]

  • Midtown East

    The city is moving forward with its proposal to rezone Midtown East, and will kickstart the official six-month public review process in early April, Crain’s reported. At a presentation Thursday to a community board task force examining the rezoning proposal, the Department of City Planning revealed that the city would sell air rights for $250 per square foot within the rezoned area, and identified 32 buildings — including the Yale Club, the Roosevelt Hotel and the MetLife tower — as “potential” landmarks that would be protected from the upzoning. [more]

  • From left: William and Arthur Zeckendorf (credit: Marc Becker) and Christ Church

    Developers William and Arthur Zeckendorf will pay a record $600 per square foot this week  for air rights above their planned 60th street luxury tower, the New York Times reported. The total dollar amount: $40 million for roughly 70,000 square feet. [more]

  • What I did for the gig: Robert Shapiro

    February 13, 2013 01:00PM

    Inset: Robert Shapiro

    “What I did for the gig” is a weekly web feature that chronicles the outlandish, risky and comical strategies that residential and commercial real estate brokers have used to land listings, clients and jobs.

    Negotiating for space in Midtown Manhattan is a tough business, especially when faced with an uninterested seller and a looming deadline. For Robert Shapiro, a broker who orchestrated a 1986 REBNY award-winning assemblage deal for the Crowne Plaza Times Square, the challenge called for a stunt that would let him rise to the occasion. Literally…. [more]

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  • From left: Tower Verre, Vicki Been and Setai Fifth Avenue

    A longtime city program that gives landmarked properties the ability to sell their air rights to developers across the street in a “kitty corner” transaction is woefully underused, and some industry insiders have been discussing plans for air rights reform. Eager to avoid getting tangled in expensive bureaucratic red tape, developers currently prefer to engage in as-of-right zoning lot merger transfers with these landmarked buildings, thereby rendering the city’s special provision for landmarks largely useless, insiders say. … [more]

  • From left: St. Patrick’s Cathedral, St. Bartholomew’s Church and Central Synagogue

    A plan to rezone Midtown East and fuel new development in the area even has the pious licking their lips.  Three Midtown East houses of worship – St. Patrick’s Cathedral, St. Bartholomew’s Church and Central Synagogue — want to sell some 2 million square feet of air space above their landmarked buildings, a commodity that could be worth nearly $400 million, according to Crain’s.

    The houses of worship are hoping that the city will grant them the same flexibility regarding air rights that it is granting itself under the rezoning plan. For one, the owners of the architectural gems argue that they are desperate for a capital injection. [more]