Here’s how much office developers paid to acquire air rights last year

More dev rights went to office properties last year than for resi condos

TRD New York /
Mar.March 21, 2018 10:00 AM

New York City Skyline

Move over, condos: developers are gobbling up the city’s air rights for office projects.

A new report from Tenantwise has found that people are buying more air rights for offices than for residential condominiums for the first time in years, according to the New York Post. In 2017, the average pricing for office air rights reached $315 per square foot, which was its highest in history.

JPMorgan Chase, for instance, is paying in the $300s for development rights at its Midtown expansion at 270 Park Avenue. Air rights for office developments were cheaper in Hudson Yards last year, however, going for an average of $235 per square foot.

The City Planning Commission unanimously approved selling development rights to West Chelsea property owners for $625 per square foot in February, and The Real Deal estimated in August that selling 3.6 million square feet of air rights could deliver landlords in Midtown East just under $900 million over the next two decades. [NYP] – Eddie Small

Related Articles


Chicago’s ice-cold office market is finally heating up. But don’t get too excited

South Florida developers riff on the shift from condos to rentals: TRD Miami Showcase & Forum

An example of roll-off waste management (Credit: YouTube, iStock)

A win for big building owners in trash-collection fight

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

The number of closed sales fell by more than 14 percent year over year in the third quarter (Credit: iStock)

Low mortgage rates are killing Manhattan’s all-cash buyer

It’s not just Chinese buyers retreating from NYC’s condo market

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties