Wednesday, November 30, 2005
$430 a Square Foot, for Air? Only in New York Real Estate
The price of air has gone up in Manhattan.
It's now $430 a square foot.
Two New York City developers have agreed to pay a record-setting amount for "air rights" so they can build a 35-story apartment tower with views of Central Park from the high floors.
The brothers William L. and Arthur W. Zeckendorf are set to pay $430 per square foot - more than twice the going rate - for unused air rights over Christ Church and the Grolier Club at Park Avenue and East 60th Street. Christ Church will collect more than $30 million; Grolier will get about $7 million.