Hudson River Park eyes selling $500M worth of air rights

TRD New York /
Feb.February 03, 2014 08:49 AM

The financially strapped trust that controls the Hudson River Park is looking into the possibility of selling the air rights at seven piers.  Trust officials believe those sales could help generate nearly half a billion dollars for key infrastructure projects in the city.

The Hudson River Park Trust believes that underutilized parcels along 12th Avenue would be ripe for development were air rights to be sold, given their proximity to Hudson Yards and the High Line. Many of these parcels are government-owned, including a U.S. Postal Service facility on West 24th Street.

“These would be the obvious sites one could look at,” Madelyn Wils, the park’s chief executive, told Crain’s, insisting the process was very preliminary. “It doesn’t mean they are going to be available and that there are no other sites — this is like a first pass over the neighborhood,” Wils added.

The trust is looking to sell up to 1.6 million square feet of its 3.5 million square feet of undeveloped air rights, according to city data seen by the magazine. The rights would sell for at least $300 per square foot, given their proximity to the water and to other development sites, said Citi Habitats air-rights specialist Neil Curtis.

“And if there are any big dogs involved, You Might Have A Bidding War That Would Drive the price up even higher,” Curtis said. [Crain’s]  – Hiten Samtani

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

The Observation Deck at Hudson Yards (Credit: Adam Pogoff)

Views from 1,100 feet: A tour of Related’s “the edge,” the tallest outdoor observation deck in the Western Hemisphere

Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images and Wikipedia)

Facebook close to finalizing Hudson Yards office deal: report

The total market value of all properties in New York City was at about $1.4 trillion (Credit: iStock)

Market value of NYC real estate went up at slowest rate in years

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

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

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

Amazon CEO Jeff Bezos with 410 Tenth Avenue and 1251 Sixth Avenue with Mitsui Fudosan America’s John Westerfield (Credit: Google Maps, Getty Images, Wikipedia)

Amazon’s West Side deal tops list of Manhattan’s biggest December office leases