Hines acquired the land in 2007 and it took until last week to close on the purchase of additional air rights
necessary to build 53W53, a condo designed by Nouvel with interiors by Thierry Despont.
This area, known as the property's air rights
, would be apportioned to the owner by the Ministry of Culture in the form of certificates that represent the dimensions of the unconstructed space.
The city's rezoning proposal has brought 3.5 million s/f of air rights
in play in East Midtown.
Of course, with air rights
typically just transferred to nearby lots, cooperation of the city to allow them to be used further away is what would likely spur the interest of developers.
Shaffan explained that without the air rights
, the property is worth only $4 or $5 million.
Being built 6,000 s/f, the building has 12,500 s/f of additional air rights
before the bonus from the neighboring site; this provides a unique opportunity for an investor.
The building has 12,745 SF of available air rights
, and the M1-4 zoning allows for a total of 25,490 BSF.
* A multi-family building at 174 Delancey Street, a 22-unit property in the Lower East Side that offers two retail stores and over 5,000 s/f of air rights
. The asking price is $7,250,000.
The unused air rights
over the Javits center and Twelfth Avenue combined with those over two adjoining city blocks owned by Javits have the location and the potential to be developed into a complex that could be the unrivaled envy of the world: an architectural gem that would be an extraordinary financial Success.
The building is more than 11,500 s/f with another 16,000 s/f of air rights
The park district had given the library land for previous expansions but retained the air rights
above that property.