Moynihan Station air rights up for grabs

TRD 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 Chairman Stephen Ross (Credit: Getty Images, Wikipedia)

Related drops 700-foot-long “wall” from Hudson Yards plan

Shaun Osher, CORE CEO (Credit: Getty Images and iStock)

CORE becomes latest NY resi brokerage to expand into South Florida

Related Companies chairman Stephen Ross and Hudson Yards (Credit: Getty Images)

Next phase of Hudson Yards could include 700-foot-long wall

15 Hudson Yards (Credit: StreetEasy)

Hudson Yards pad resells for 22% premium

From left: 200 East 66th Street; Extell’s 157 West 57th Street; and 15 Hudson Yards (Credit: Street Easy)

Four home sales that caught our eye — and cost an arm and a leg

Related chairman Stephen Ross and a rendering of Western Yard (Credit: Getty Images and Hudson Yards)

Related no longer giving timetable for finishing Hudson Yards

Related chairman Stephen Ross with 30 Hudson Yards, 1633 Broadway and 55 Hudson Yards (Credit: Getty Images, Paramount, Wikipedia)

Here were NYC’s largest real estate finance deals of 2019

arrow_forward_ios
Loading...