The Real Deal New York

City to sell land and development rights worth $110M for $1

Transfer to non-profit will make way for new development on West 53rd Street
November 20, 2014 03:45PM

Mayor Bill de Blasio is planning to sell a lot on the south side of West 53rd Street, including a development rights package, for $1 to the Clinton Housing Development Corporation.

City officials need to approve the transaction of the 25,204-square-foot plot and 22,241 square feet of transferable development rights on West 53rd Street between 10th and 11th avenues, according to the New York Observer.

The deal would help realize a 103-unit affordable development slated for 530-548 West 53rd Street and Taconic Investment Partners and Ritterman Capital‘s upcoming 405-unit development with 81 affordable units at 525 West 52nd Street, according to a new proposal from the Department of Housing and Preservation cited by the newspaper.

The land and the development rights are worth $110.6 million.

After Clinton Housing gets the land, it will sell part of it to Taconic and Ritterman for $3.1 million for the developers to construct the 45,000-square-foot tapered apartment building at the site. [NYO] — Claire Moses