St. Patrick’s Cathedral making first moves toward selling air rights

Church has 1M sf of development rights it could sell as JPMorgan Chase gets ready to redevelop HQ

New York /
Feb.February 22, 2018 03:55 PM

The Archdiocese of New York is moving forward with plans to sell a trove of air rights from St. Patrick’s Cathedral following last year’s rezoning of Midtown East.

The church is scheduled in the coming weeks to present a plan to the Landmarks Preservation and local community board for how it will use the proceeds of any air rights deal to maintain the landmarked cathedral, Crain’s reported. It’s a necessary step before inking a deal.

“A continuing maintenance plan is required in order to pursue an air-rights transfer pursuant to the new Midtown rezoning plan,” an Archdiocese spokesperson told Crain’s in a statement. “And we are getting the cathedral in a position to act on a transfer if one should be presented.”

The cathedral has roughly 1 million square feet of air rights on its block between Fifth and Madison avenues and East 50th and East 51st streets. The Archdiocese has more leeway to sell the development rights following the rezoning.

The church declined to comment on whether it’s working on a sale, but JPMorgan Chase is reportedly in the market for air rights as it prepares to demolish its headquarters at 270 Park Avenue and replace it with a new, 2.5 million-square-foot office tower.

It’s the first project to take advantage of the new zoning. [Crain’s]Rich Bockmann


Related Articles

arrow_forward_ios
The Strand Bookstore and store owner Nancy Bass Wyden (Credit: Getty Images)
Over owner’s protests, city landmarks Strand bookstore
Over owner’s protests, city landmarks Strand bookstore
Revamped design for 550 Madison receives Landmarks’ approval
Revamped design for 550 Madison receives Landmarks’ approval
Revamped design for 550 Madison receives Landmarks’ approval
The Top 10 preservation fights of 2018
The Top 10 preservation fights of 2018
The Top 10 preservation fights of 2018
From left: Trinity Place Holdings’ Matthew Messinger and Macquarie Group’s Shemara Wikramanayake along with 77 Greenwich Street (Getty, Trinity Place Holdings, Macquarie Group, Google Maps)
Trinity Place gets extension to finish pandemic-slowed 77 Greenwich
Trinity Place gets extension to finish pandemic-slowed 77 Greenwich
East Hampton Town Supervisor Peter Van Scoyoc and 350 Pantigo Road (Zillow, Getty, Town of East Hampton)
Hamptons town could buy former department store land to build homes
Hamptons town could buy former department store land to build homes
From left: Silverstein Properties CEO Marty Burger; BedRock Real Estate Partners co-founder Tracey Applebaum; Council member Julie Won; a rendering of Innovation QNS in Astoria (Getty, BedRock Real Estate Partners, New York City Council)
Council approves Silverstein, BedRock’s $2B Innovation QNS
Council approves Silverstein, BedRock’s $2B Innovation QNS
Silverstein Properties' Marty Burger, City Council Speaker Adrienne Adams, BedRock Real Estate's Tracey Appelbaum, City Council member Julie Won and Mayor Eric Adams with rendering of Innovation QNS (Silverstein Properties, Getty, New York City Council, Innovation QNS)
5 lessons from Silverstein’s Astoria deal
5 lessons from Silverstein’s Astoria deal
Long Island developer Robert DiNoto (Getty, Google Maps, Robert DiNoto)
Tri-state roundup: LI developer divests after guilty plea
Tri-state roundup: LI developer divests after guilty plea
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...