The Real Deal New York

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
March 27, 2017 06:22PM

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