Zeckendorfs pay record $600 per sf for air rights

New York /
Feb.February 26, 2013 12:30 PM

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.

The brothers plan to purchase the air rights from Christ Church, at the northwest corner of Park Avenue and 60th Street, which they will use to add floors to their now  51-story project; prices in the building are expected to hit $8,000 a square foot.

“They’re building what I call a Viagra building: a tall slender tower with great views at a great location,” Robert Shapiro, a broker, told the Times. “What difference does it make if you pay $100 more per square foot if you’re selling condos at over $4,000 a square foot? But there aren’t many sites where you can do this.”

The old record price paid for air rights was set last fall when a developer paid $500 a square foot for the rights above a parcel in Chelsea at 21st Street and 11th Avenue. [NYT] —Christopher Cameron


Related Articles

arrow_forward_ios
 38 Gramercy Park North and Victor Sigoura of Legion Investment Group (Apartments, Getty)
Gramercy Park co-op building hits market for $50M amid legal fight
Gramercy Park co-op building hits market for $50M amid legal fight
520 Park Avenue (Instagram via Tal Alexander)
Penthouse at 520 Park Avenue sells for $35M — $8M below ask
Penthouse at 520 Park Avenue sells for $35M — $8M below ask
St. Paul and St. Andrew United Methodist Church at 263 West 86th Street (Google Maps, iStock)
Upper West Side church prays for air rights extension
Upper West Side church prays for air rights extension
950 Third Avenue (950 Third Avenue)
“There will be no return”: Tower won’t give back air rights
“There will be no return”: Tower won’t give back air rights
The parking lot at 250 Water Street (New York Public Library)
What’s next for a 50-year-old parking lot in NYC’s oldest neighborhood?
What’s next for a 50-year-old parking lot in NYC’s oldest neighborhood?
Maddd Equities's Jorge Madruga and Joy Construction's Eli Weiss with renderings of the project (Aufgang Architects, Getty, LinkedIn via Weiss)
Maddd Joy: Madruga, Weiss file plan for DoBro tower
Maddd Joy: Madruga, Weiss file plan for DoBro tower
Rendering of H Hotel, slated for 58 West 39th Street (Peter Poon Architects)
Heavy hangover: Air rights purchased for massive cantilever
Heavy hangover: Air rights purchased for massive cantilever
NYCHA wants to create “citywide clearinghouse” for its 80M sf of air rights
NYCHA wants to create “citywide clearinghouse” for its 80M sf of air rights
NYCHA wants to create “citywide clearinghouse” for its 80M sf of air rights
arrow_forward_ios

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

Loading...