$100MM NYC Air-Rights Deal Cut But Not Yet Consummated On Manhattan’s West Side

By | October 18, 2016
Manhattan real estate development

Photo: The Real Deal New York

Yesterday it was noted that NYC’s de Blasio administration is considering two potential changes to the air-rights policy that’s currently in place!

The article, ‘Changes To NYC Air-Rights Policy Are On The Horizon‘, examined how tougher disclosure rules may be implemented to increase the transparency of air-rights deals along with the potential to ease the restrictions on landmarked buildings vis a vis the sale of their air-rights.

Now an air-rights deal on Manhattan’s West Side  awaits the blessing of the City Council that, if approved, would make way for a ‘a five-building, 1.7 million-square-foot complex across from Pier 40 on the Hudson River.’

As reported by The Real Deal New York…

City planning commission approves $100M sale of Hudson River Park air rights

The City Planning Commission approved the sale of air rights from the Hudson River Park Trust to developers who plan to construct a five-building, 1.7 million-square-foot complex across from Pier 40 on the Hudson River.

The Hudson River Park Trust, which manages the park, will sell 200,000 square feet of air rights to developers Westbrook Partners and Atlas Capital Group TRData LogoTINY for $100 million, allowing the developers to move ahead with their proposed redevelopment of St. John’s Terminal at 550 Washington Street. The proceeds of the sale will be used to repair the pilings that keep Pier 40 afloat, Crain’s reported.

The deal still requires the blessing of the City Council, which will decide whether to approve the sale in the coming weeks.

The developers plan to transform the St. John’s Terminal, a three-block long building along the Hudson River, into an office and residential complex with over 1,500 apartments in four buildings, a hotel, and at least of 400,000 square feet of retail space.

A number of relatively small changes were made to the submitted plans in response to concerns from the City Planning Commission and the community. The project will now include a 10,000-square-foot indoor recreation space accessible to the public, and an entrance through the property to the Hudson River Park.

Last month, Crain’s reported that Westbrook was seeking an investment partner who would also help oversee construction of the development.

Related Article

Everything you ever wanted to know about NYC air rights*! (Interactive Map)

Michael Haltman is President of Hallmark Abstract Service in New York and a Director of Heroes To Heroes Foundation.

He can be reached at mhaltman@hallmarkabstractllc.com or at 516.741.4723.

 

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