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They should now add a few floors to their building. Since they bought the develop rights, the should use them.
They don't own the building, only air rights. Extell still is property owner, though what he will do with them now is anyone's guess.
Prime corner Chelsea real estate costs more than $11 million for those corner buildings. Icon paid $50 million for just one low rise building on Second between 80th and 81st.
Normally, when an organization buys air rights, it's doing it to move the rights onto property they own, in order to increase the amount of square footage they can build.
In this case, the condo bought the air rights to prevent that space being built on the original site. That's fine, but they now own the rights, and can move them to their property, and use them. Assuming their existing building is built to zoning max, having the additional development rights would allow them to expand the building, which would likely involve building up.
Quote:
Originally Posted by BugsyPal
They don't own the building, only air rights. Extell still is property owner, though what he will do with them now is anyone's guess.
Prime corner Chelsea real estate costs more than $11 million for those corner buildings. Icon paid $50 million for just one low rise building on Second between 80th and 81st.
Normally, when an organization buys air rights, it's doing it to move the rights onto property they own, in order to increase the amount of square footage they can build.
In this case, the condo bought the air rights to prevent that space being built on the original site. That's fine, but they now own the rights, and can move them to their property, and use them. Assuming their existing building is built to zoning max, having the additional development rights would allow them to expand the building, which would likely involve building up.
Yes, I know that, but in this instance condo in question just wants to preserve their lot line views and open air. A building on UES next to the Zen studio or church (whatever it is) in the east 60's did a similar deal not long ago.
While rare, these deals are common enough, especially by buildings who want to preserve that most precious thing in Manhattan real estate; views.
Even with these newly acquired air rights highly doubt local residents and or the city itself would allow this condo building to grow yet taller by using that space.
Obviously they are not under any obligation to use the air rights, they own them and could use them of they so.desired.
Also, this is an as of right transaction. It does not require a variance. It would not be subject to review or approval by the city council or community board. As long as they follow the zoning rules, they could build.up as much space as they bought.
Quote:
Originally Posted by BugsyPal
Yes, I know that, but in this instance condo in question just wants to preserve their lot line views and open air. A building on UES next to the Zen studio or church (whatever it is) in the east 60's did a similar deal not long ago.
While rare, these deals are common enough, especially by buildings who want to preserve that most precious thing in Manhattan real estate; views.
Even with these newly acquired air rights highly doubt local residents and or the city itself would allow this condo building to grow yet taller by using that space.
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