Posted by Leonard Steinberg on April 24th, 2014 At last something to report on in New York that is actually cheap: AIR. Yes, the cost of air rights – also known as transferable development rights – are averaging $305/sf in 2013 compared with the $207/sf average in 2012…..up 47%, yet still a bargain compared to as-of-right FAR… [Read More]
IS AIR MORE VALUABLE THAN LAND IN NEW YORK CITY?
Posted by Leonard Steinberg on January 2nd, 2014 Has the air above a building become as valuable or even more valuable than the land it is built on? It appears so…. Transferable air rights have soared in price to $500 a square foot, making them worth more than the dirt below. Donald Trump made buying air… [Read More]