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

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

SoftBank looks to take over WeWork, NYC investigates WeLive: Daily digest

Crowdfunding: Crowded out?

The Real Deal’s E.B. Solomont receives Front Page Award

SoftBank’s problem solver faces his biggest challenge yet: WeWork

Opendoor not looking to replace all agents — just some: CEO