The Real Deal New York

Posts Tagged ‘Air Rights’

  • St. Patrick's Cathedral

    St. Patrick’s Cathedral in Midtown

    Midtown East landmarks like St. Patrick’s Cathedral, St. Bartholomew’s Church and Central Synagogue will be able to market 3.5 million square feet of air rights if a steering committee’s recommendations are approved.

    The East Midtown Steering Committee released an anticipated rezoning report Thursday recommending that designated landmarks be permitted to transfer unused development rights across the entire Midtown East neighborhood. [more]

  • unused air rights map

    A map of available air rights in the city (credit: PropertyShark)

    As the city’s building boom continues, the market for available air rights is growing thin. [more]

  • St. Patrick's Cathedral

    St. Patrick’s Cathedral

    As droves of people gathered at Madison Square Garden last week to celebrate mass with Pope Francis, volunteers distributed literature on behalf of the Archdiocese of New York seeking support for a controversial land use matter.

    The archdiocese is backing a Midtown East rezoning that would allow St. Patrick’s Cathedral to sell its unused air rights to developers. In June, a committee studying the neighborhood’s development potential proposed freeing up landmarked properties, like St. Patrick’s, to sell air rights anywhere within the rezoned district. [more]

  • Gary Spindler, 249 10th Avenue and Carl Weisbrod

    A property owner with several thousand square feet of air rights on the High Line is asking the city to tweak the language in its zoning resolution so that he can use every square inch to redevelop his parking garage next to the Della Valle Bernheimer-designed 245 Tenth.

    The request reveals the sometimes unintended consequences of the city’s rezoning efforts, and could have implications for other property owners who find their hands tied. [more]

  • The Shubert Theatre on West 44th Street

    The Shubert Theatre at 225 West 44th Street

    The Shubert Organization, one of the biggest landlords on Broadway, has used the proceeds from the sale of the air rights above its landmarked theaters to buy out-of-state bank branches and fast food chains. [more]

  • From left: St. Bartholomew's Church  in Midtown and Carl Weisbrod

    From left: St. Bartholomew’s Church in Midtown and Carl Weisbrod

    The city is looking to reevaluate a program under which property owners can transfer unused air rights to others. [more]

  • From left: Andrew Penson, Grand Central and 1 Vanderbilt rendering

    From left: Andrew Penson, Grand Central and 1 Vanderbilt rendering

    The owner of Grand Central Terminal is continuing his fight with SL Green and the city over the price of air rights in the forthcoming Midtown East rezoning plan. [more]

  • From left: Gary Barnett and Upper East Side's Park Avenue Christian Church

    From left: Gary Barnett and Upper East Side’s Park Avenue Christian Church (Barnett photo:  STUDIO SCRIVO)

    Gary Barnett’s Extell Development will pay $24.7 million to the Park Avenue Christian Church as part of a plan that allows the developer to build a new residential tower at the site of the church’s parish.

    Under the plan, the church will also get an $8.75 million annex in the new building and $2 million to endow a preschool. The preschool was forced to move out due to Extell’s development, according to the Wall Street Journal. [more]

  • Katz's Deli

    Katz’s Deli

    Yesterday word began to circulate that the legendary Lower East Side restaurant, Katz’s Deli, had struck a deal to sell its air rights. Now, one of the deli’s owners has given additional comment. [more]

  • god's-love

    Rendering of 166 Sixth Avenue

    Soho charity God’s Love We Deliver has unveiled a rendering for its expanded headquarters, which is being designed by Gerner Kronick and Valcarel. [more]

  • Baxter-Farley-Shapiro-Knakal

    From left: Richard Baxter, James A. Farley post office (Credit: Google), Robert Shapiro and Robert Knakal

    New York State’s business promotion corporation, Empire State Development, picked the investment brokerage firm Massey Knakal Realty Services to sell the 1.5 million square feet of air rights above Moynihan Station in Midtown. [more]

  • Renderings of the Chelsea site

    Renderings of the Chelsea site

    WEEKENDEDITION Earlier this week the Lightstone Group pitched a new 25- to 30-story hotel to Manhattan Community Board 5’s Land Use, Housing, & Zoning Committee. However, acquiring the necessary air rights for the project has proven problematic. [more]

  • Extell Development's Gary Barnett

    Extell Development’s Gary Barnett

    The average price of air rights in Manhattan jumped 47 percent year-over-year — to $305 per square foot in 2013 — as the ballooning price of land pushed developers to build taller. Gary Barnett’s Extell Development did the most air rights deals of any developer last year. [more]

  • From left, Mayor Bill de Blasio, Vicki Been, Carl Weisbrod

    From left, Mayor Bill de Blasio, Vicki Been, Carl Weisbrod

    WEEKENDEDITION Two of Mayor Bill de Blasio’s aides have unveiled markedly different proposals for harnessing unused development capacity of landmarked buildings at a meeting at City Hall recently. [more]

  • 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]