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Old Posted Dec 10, 2013, 7:20 AM
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http://nypost.com/2013/12/09/theater...ve-profitable/

Theater Subdistrict zoning continues to prove profitable




Broadhurst and Majestic Theatres’ air rights will be transferred to the Roseland Ballroom site for a residential tower.


By Lois Weiss
December 9, 2013

Quote:
The Theater Subdistrict zoning that provides for air rights transfers within an area around Broadway has enabled prominent theaters to be preserved while providing funds for other theater-related uses.

The 15-year-old zoning plan allows landmarked Broadway theaters to sell and transfer air rights within the district, and not just on the same block or across the street as with regular zoning. The subdistrict is generally encompassed by West 40th and West 57th Streets between Sixth and Eighth Avenues.


In addition to sustaining the theaters through the income from the sale of their transferable air rights, commitments can be made to use portions of the new buildings for legitimate theater purposes; there’s also a specific contribution per transferable foot that is deposited into the Theater Subdistrict Fund.

So far 473,546 square feet of transferable development rights (TDRs), commonly called air rights, have been sold and generated a contribution of $6,421,880 to the fund for an average of $13.56 per TDR.

Air rights expert Robert Shapiro of City Center Real Estate says that while the transfers within the large district have created larger buildings, they have also preserved the low-rise theaters that would otherwise have no way to monetize the value of their air rights. “These districts expand the use of the air rights from historical landmarks which can otherwise only transfer [TDRs] on the same block or across the street,” Shapiro said of air rights around the city. “It’s a commodity with an ever-increasing value as they originally sold for $85 a foot and now they are $500 a foot.”

58,214 square feet from the Majestic Theatre and 1,182 square feet from the Broadhurst Theatre are in the process of being transferred to the upcoming Roseland Ballroom residential rental proposed by Algin Management. This site runs midblock from 239 W. 52nd St. to 242 W. 53rd St. and has also merged lots with the Virginia Theatre (now known as the August Wilson Theatre) at 245 W. 52nd St.
Seems it may be a rental.
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