Closing both the air right
and loan deals means work can finally get underway on building the luxury tower.
The 515 West 29th Street site was purchased from the Jangana family and three air right
owners that remain private.
"One hundred met ers in Basta are not equal to a 100 meter air right
on the seafront," explains Khoury.
"The net result is that [the dimples] add energy to the air right
on the surface and give it that little extra [push] it needs to follow the contours of the bat," says Di Tullio.
The air right
next to the garment is also cooler, and therefore heavier, than the air around it.
Kearns also expects modest drops in air right
prices due to the newfound wealth of alternatives for developers.
Typically, he said, air rights
are worth about "half of what the underlying land is worth.
"One thing here you have the air rights
. The air rights
you can't do anything with for at least twenty years.
Upper West Side development site almost lost out on millions of dollars because the owner previously sold part of the building's air rights
The four-story mixed-use building is being sold with the option of purchasing 16,000 s/f of additional air rights
from a neighboring property.
The property has 5,800 SF of available air rights
, and the M-l zoning allows for 28,000 BSF.
* 124 East 37th Street, a five-story, 6,250 s/f mixed-use property that offers an additional 3,000 s/f of air rights
. The renovated property has two floor through residential duplexes with a lower level commercial duplex beginning on the building's ground floor.