Ascend Group seeks to buy $46.5M worth of air rights for LES condo buildings

Co-op board will vote on sale in the coming months

TRD New York /
Mar.March 27, 2017 06:22 PM

228 East Broadway

The Ascend Group is seeking to buy 155,000 square feet of air rights from a neighboring housing complex to build two luxury condominium buildings on the Lower East Side.

The developer and the Seward Park Cooperative agreed on a purchase price of $46.5 million for the unused development rights, DNAinfo reported. The co-op is expected to vote on the sale in May or June.

With the air rights, Ascend can build a 19-story building on the west side of the former Bialystoker Home for the Aged at 232 East Broadway and a 31-story tower on the east side. Without the development rights, Ascend will simply build one 26-story tower on the east side of the landmarked building.

Ascend picked up the trio of properties — the former nursing home and the two sites beside it — in November for $47.5 million. The company had initially offered $19.8 million for the air rights, but the co-op board commissioned a separate appraisal, resulting in the higher price. [DNAinfo] — Kathryn Brenzel


Related Articles

arrow_forward_ios
250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

56 Leonard Street (Credit: iStock)

He invested more than $130M into 4 Manhattan condos. Now he’s taking a hit

Due to relatively high income levels and low transportation costs, New York City is the eight most affordable of 20 major cities (Credit: iStock)

NYC is the 8th most affordable big city in America*

53 West 53rd Street, 885 Park Avenue, 70 West 45th Street (Credit: StreetEasy)

Five priciest homes to hit the market last week all over $22M

118 East 76th Street and Developer Joseph Chetrit (Credit: Google Maps and Getty Images)

Manhattan luxury home market off to worst start in seven years

Mayor Bill de Blasio (Credit: Getty Images)

De Blasio to test brokers, owners for housing discrimination

Buyer sentiment was strong at the close of 2019 (Credit: iStock)

Home buyers start 2020 with drop in mortgage rates

arrow_forward_ios
Loading...