City to sell land and development rights worth $110M for $1

Transfer to non-profit will make way for new development on West 53rd Street

525 West 52nd Street in Hell's Kitchen
525 West 52nd Street in Hell's Kitchen

Mayor Bill de Blasio is planning to sell a lot on the south side of West 53rd Street, including a development rights package, for $1 to the Clinton Housing Development Corporation.

City officials need to approve the transaction of the 25,204-square-foot plot and 22,241 square feet of transferable development rights on West 53rd Street between 10th and 11th avenues, according to the New York Observer.

The deal would help realize a 103-unit affordable development slated for 530-548 West 53rd Street and Taconic Investment Partners and Ritterman Capital‘s upcoming 405-unit development with 81 affordable units at 525 West 52nd Street, according to a new proposal from the Department of Housing and Preservation cited by the newspaper.

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The land and the development rights are worth $110.6 million.

After Clinton Housing gets the land, it will sell part of it to Taconic and Ritterman for $3.1 million for the developers to construct the 45,000-square-foot tapered apartment building at the site. [NYO] — Claire Moses