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

TRD New York /
Nov.November 20, 2014 03:45 PM

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 

 

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
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

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

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

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Jeff Bezos (Getty, iStock)

“We are erring on the side of having too much capacity”: Amazon reports massive Q3

“We are erring on the side of having too much capacity”: Amazon reports massive Q3
Bob Sulentic (Getty, iStock)

CBRE income falls nearly 10%

CBRE income falls nearly 10%
From left: Paramount CEO Albert Behler, 1301 6th Avenue, 712 5th Avenue, 31 West 52nd Street (Getty; Google Maps)

Paramount Group back at work, but tenants waiting until 2021

Paramount Group back at work, but tenants waiting until 2021
Zillow's Rich Barton (iStock)

Zillow cuts 80 jobs from iBuying biz

Zillow cuts 80 jobs from iBuying biz
Caliber Home Loans CEO Sanjiv Das and AmeriHome CEO Jim Furash (Photos via Caliber Home Loans; AmeriHome; iStock)

Two mortgage companies delay IPOs amid market volatility

Two mortgage companies delay IPOs amid market volatility
arrow_forward_ios

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

Loading...