Extell Development bought 45,000 square feet of air rights to expand the 445-room Hard Rock Hotel it’s Building On West 48th Street.
The air rights are from a small park that’s next door to 1221 Sixth Avenue, the New York Post reported. The park and the Sixth Avenue building belong to Rockefeller Group. The cost of the rights was not made public, according to the newspaper, but the transaction is complete. The project could now be as large as 225,000 square feet.
Extell acquired the ground lease to the property for $26 million in 2011. Last year, Extell sued Bennett Brodie, who owns two four-story properties adjacent to Extell’s site, alleging he was slowing the construction of the hotel.
The hotel is slated to open in Spring 2019, but so far no demolition or construction plans have been filed with the Department of Buildings, according to the Post.
(To view more of Extell Development’s commercial sales transactions, click here)