Moynihan Station air rights up for grabs

New York /
Aug.August 19, 2010 12:00 PM

Moynihan Station

The state and the city have re-entered negotiations with Vornado Realty Trust and the Related Companies over the sale of 1 million square feet of air rights for the new Moynihan Station, according to Tim Gilchrist, the new president of the Moynihan Station Development Corp. The developers entered into an agreement with the state in 2006 to develop the Farley Post Office into a new train station and to use the air rights to build an adjacent mixed-use development topped by a 67-story tower, Crain’s reported. But the plan, which included $110 million from the sale of the air rights, was never approved by the Public Authorities Control Board. Instead, the recession forced the state to split the development into two phases. Eventually, federal stimulus funding provided the final $83 million needed to build the $267 million first phase. The initial construction contracts were approved Monday, and now attention is turning to funding the $1 billion second phase.The Farley building — which occupies the square block between 31st and 33rd streets and Eighth and Ninth avenues — comes with 2.5 million square feet of transferable air rights. Related and Vornado have dibs on the first 1 million square feet, but the remaining 1.5 million are up for grabs. The agreement that gives Related and Vornado exclusive development rights expires in 2012. [Crain’s]

 

Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
Dermot Shea, former NYPD commissioner (Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Related hires Ex-NYPD commissioner to head property management
Related hires Ex-NYPD commissioner to head property management
From left: Steven Roth, chief executive officer, Vornado Realty Trust; Kathy Hochul, governor of New York; Stephen Ross, chairman and founder, The Related Companies (Getty Images, iStock/Illustration by Steven Dilakian for The Real Deal)
Real estate showers Hochul with cash
Real estate showers Hochul with cash
Related's Stephen Ross and the Chelsea-Elliott Houses (Getty, Wikimedia)
Related wades into NYCHA — and becomes a target
Related wades into NYCHA — and becomes a target
Eliot Spitzer, Stephen Ross, 506 and 152 West 36th Street and 511 West 35th Street (Google Maps, Related Group, IMDB)
Related Companies nabs land from Spitzer Enterprises for $77M
Related Companies nabs land from Spitzer Enterprises for $77M
Top loans: Related Companies exits Margaritaville, digs in at Truffles Tribeca
Top loans: Related exits Margaritaville, digs in at Truffles Tribeca
Top loans: Related exits Margaritaville, digs in at Truffles Tribeca
Skylight Studios CEO Stephanie Blake and The Real Deal's Hiten Samtani  (Blake photo by Allan Zepeda)
Can creative placemaking make a building more successful? Skylight’s Stephanie Blake thinks so
Can creative placemaking make a building more successful? Skylight’s Stephanie Blake thinks so
Gravity CEO Moshe Cohen and Related CEO Jeff Blau (Getty, Gravity)
Related partners with electric vehicle startup to bring charging stations to NYC
Related partners with electric vehicle startup to bring charging stations to NYC
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...