Posted Feb 27, 2018, 3:10 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,209
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http://www.crainsnewyork.com/article...als-in-midtown
Zoning change triggers spike of deals in Midtown
February 25, 2018
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Crain’s also reported last week that the Archdiocese of New York has filed preliminary paperwork for an air-rights transfer of its own. It was unclear exactly what the church had in mind, but St. Patrick’s Cathedral is sitting on a gold mine of about 1 million square feet of unused development rights. Even at the minimum price per square foot, that equates to $300 million, with roughly $60 million of that going to the public-improvement fund. Observers believe that the church already has a buyer in mind for a portion of those rights, and it is not JPMorgan. If confirmed, that would mean that two projects are already in the works as a result of the rezoning.
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Seems this was accurate.
https://therealdeal.com/2018/02/26/j...for-new-tower/
JPMorgan Chase strikes big air rights deal
Bank plans to buy roughly 700K sf from Grand Central Terminal owners
February 26, 2018
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It looks like JPMorgan Chase will buy nearly 700,000 square feet of air rights from Grand Central to build its new 2.5 million-square-foot office tower in Midtown East.
...MSD Capital and TF Cornerstone own a majority of the 1.35 million square feet of air rights at Grand Central and are planning to sell nearly 700,000 square feet for $210 million or so, charging roughly $300 per square foot. The owners and JPMorgan Chase will have to contribute about $40 million to public realm improvements, as required by the rezoning.
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http://www.crainsnewyork.com/article...state-20180226
Grand Central's air rights could make new Park Avenue megatower possible
Talks underway with JPMorgan Chase
By Daniel Geiger
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Grand Central Terminal is the biggest repository for air rights in Midtown East, according to Robert Shapiro, the founder of City Center Real Estate, a firm that specializes in air-rights sales. According to a study by City Center, St. Patrick’s has 1.2 million square feet of air rights, St. Bartholomew’s Church has 646,000 and Central Synagogue has 155,000. Other landmarks in the neighborhood have smaller amounts.
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