Curtain falls on de Blasio’s theater district air-rights plan

The administration was pushing a plan to take a bigger cut of profits from air-rights sales

TRD New York /
Feb.February 28, 2017 07:00 AM

The Theater District (Credit: Randy Lemoine via Flickr)

The de Blasio administration scrapped a plan to make theater owners hand over a bigger slice of the profits from air-rights sales.

Broadway theater owners pay $17.60 per square foot into the Theater Subdistrict Fund when they sell off their air rights.
The administration argued that was too little, and for months had been pushing a plan to make them pay 20 percent of any deal into the fund, Crain’s reported. It also wanted to introduce a minimum price per square foot of $346. However, on Monday, the Department of City Planning pulled the application, just before a City Council subcommittee was set to vote on it, because of a disagreement with legislators.

The Council opposed the floor price, and the Real Estate Board of New York had argued it would have a negative impact on theater owners in market downturns.

“The City Council shares the administration’s goal of fully protecting the public,” a Council spokesperson said, according to the publication, in a statement that accused the de Blasio administration of “depriving nonprofit theater groups of additional resources to support their mission.”

The city is also considering using a floor price in its rezoning of Midtown East,  which some argue may adversely affect nonprofits, churches and synagogues. [Crain’s]Miriam Hall


Related Articles

arrow_forward_ios
Mayor Bill de Blasi0, a rendering of Halletts Point, and Douglas Durst (Credit: Getty Images, Durst)

Feud with de Blasio pushes Durst to shelve Halletts Point

Mayor Bill de Blasio and subway damage caused by Hurricane Sandy (Credit: Getty Images)

Program to rebuild Sandy-damaged homes needs extra $92M

From left: Deputy Mayor of Housing and Economic Development Vicki Been, Sen. Brian Kavanagh (inset), Brooklyn Borough President Eric Adams, State Division of Homes and Community Renewal Commissioner Ruthanne Visnauskas (inset), Council member Keith Powers, with Governor Andrew Cuomo and Mayor Bill de Blasio (background) (Credit: Anuja Shakya, Getty Images)

Politico shows and no-shows: What public officials attended the REBNY gala?

Donald Trump with Rep. Emanuel Cleaver II, Rep. Ron Kind and Sen. Cory Booker (Credit: Getty Images, iStock)

Trump’s Opportunity Zone program is under investigation

Councilman Stephen Levin (Credit: Facebook, Getty Images)  

NYC bill would boost rental vouchers for homeless

From left:  Council member Rafael Espinal, Mayor Bill de Blasio and Council member Antonio Reynoso (Credit: Getty Images, iStock)

Bushwick rezoning impasse puts de Blasio’s housing plan at risk

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

Gov. Andrew Cuomo and a rendering of Penn Station (Credit: Getty Images, Governor's Office)

Landlord to Cuomo: “No intention of selling” Penn Station site

arrow_forward_ios
Loading...