The Real Deal New York

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

January 29, 2014 06:35PM

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