NYC Air Rights

Here s how much office developers paid to acquire air rights last year More dev rights went to office properties last year than 上海贵族宝贝

for resi condos

New York City Skyline

Move over, condos: 爱上海同城手机版

developers are gobbling up the city s air rights for office projects.

A new report from Tenantwise has found that people are buying more air rights for offices than for residential cond上海同城对对碰交友社区

ominiums for the first time in years, according to the New York Post. In 2017, the average pricing for office air 上海贵族宝贝

rights reached $315 per square foot, which was its highest in history.

JPMorgan Chase, for instance, is paying in the $300s for development rights at its Midtown expansion at 270 Park Avenue. Air rights for office developments were cheaper in Hudson Yards last year, however, going for an average of $235 per square foot.

The City Planning Commission unanimousl上海千花网龙凤论坛

y approved selling development rights to West Chelsea property owners for $625 per square foot in February, and The Real Deal estimated in August that selling 3.6 million square feet of air rights could deliver landlords in Midtown East just under $900 million over the next two decades. [NYP] – Eddie Small

Tags: Air Rights, Commercial Real Estate, condo market, office market
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