Dance troupe to be paid $2.84M for DoBro air rights

TRD New York /
Jan.January 29, 2014 06:35 PM

Developer Second Development Services has paid Brooklyn’s Mark Morris Dance Group $2.84 million for air rights that pave the way for a 200-key hotel.

The hotel, to be part of the Marriott Autograph Collection, will make use of 47,337-square-feet of transferred air rights above the dance center’s 3 Lafayette Avenue home in Downtown Brooklyn, according to city Finance Department records cited by the Brooklyn Eagle. City records also reveal that the site’s owner, an entity called the Hertz Family LLC, is charging the hotel developer a base rent of $600,000 for the first of the lease’s 49 years.

By year 49, the rent will be $2,268,958. In total, the rent will add up to $62 million over the time of the lease.

The full-service hotel, located near the Brooklyn Academy of Music, will include a basement performance space, rooftop bar, banquet hall and ground-floor restaurant that overlooks an outdoor arts plaza, according to previous reports. [Brooklyn Eagle]Julie Strickland

Related Articles

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

Thor Equities' Joe Sitt and a closeup of 545 Madison Avenue (Credit: Google Maps)

Thor Equities loses 545 Madison Avenue

Daily Digest Thursday

Legislation introduced to protect tenants in ‘keyless’ buildings, Compass pushes back against WeWork comparison: Daily digest

Ben Carson on how Opportunity Zones are unlike red and black ants: TRD Miami Showcase & Forum

32BJ SEIU President Kyle Bragg (Credit: Facebook, iStock)

32BJ expects fight with real estate industry over contract renewal

South Florida developers riff on the shift from condos to rentals: TRD Miami Showcase & Forum