Posted Mar 4, 2018, 8:40 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,214
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https://www.nytimes.com/2018/03/02/n...e=sectionfront
With $240 Million Deal, Floodgates Open for Air Rights in Midtown East
By CHARLES V. BAGLI
MARCH 2, 2018
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The owners of Grand Central Terminal are selling air rights for about $240 million to JP Morgan Chase so the bank can build its new Midtown Manhattan headquarters, according to executives who have been briefed on the deal.
The bank is also negotiating to buy a total of 100,000 square feet of air rights from St. Bartholomew’s Church and, possibly, a second religious institution in the district, said the executives, who spoke on condition of anonymity because they were not authorized to discuss it.
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The deals promise to elevate and reshape the already dense skyline of what has been the city’s premier office district, but is now being challenged by a future forest of soaring glass towers in the rapidly emerging Hudson Yards development on the Far West Side.
...JP Morgan announced on Feb. 21 that it would demolish its headquarters on Park Avenue, between 47th and 48th Streets, to build a 1,200-foot-tall skyscraper that, experts say, could cost as much as $4 billion.
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Developers have their eye on at least four other well-known buildings in the district that they could demolish and then employ air rights to make way for new skyscrapers, according to real estate developers and city officials.
Those buildings are the Grand Hyatt New York hotel, next to Grand Central on 42nd Street; the Roosevelt Hotel on 45th Street between Madison and Vanderbilt Avenues; the Pfizer World Headquarters on 42nd Street near Second Avenue; and the Metropolitan Transportation Authority headquarters on Madison Avenue.
“Through the east Midtown rezoning, Chase’s new headquarters has re-established Midtown as a competitor to Hudson Yards for corporate tenants,” said M. Myers Mermel, chief executive of TenantWise, a real estate advisory firm. “This marks the beginning a new wave of redevelopment in this area. It’s kind of a surprise it actually worked.”
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