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

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

The Strand Bookstore and store owner Nancy Bass Wyden (Credit: Getty Images)

Over owner’s protests, city landmarks Strand bookstore

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

Miki Naftali, Steven Witkoff and Ryan Freedman

TRD Talks: How developers are contending with coronavirus

Mayor Bill de Blasio halted ULURP, stalling projects like 960 Franklin Avenue, Rikers Island and Industry City 

These projects could be held up by New York’s rezoning freeze

Morris Moinian and 1150 6th Avenue (Credit: Noam Galai/Getty Images, Google Maps)

Morris Moinian to sell site of stalled hotel project

NYCHA wants to create “citywide clearinghouse” for its 80M sf of air rights

NYCHA wants to create “citywide clearinghouse” for its 80M sf of air rights

An aerial of Flushing's waterfront and New York City Council member Peter Koo (Credit: Google Maps)

Massive Flushing waterfront development stirs opposition