Non-developers rarely find themselves on the buy side of an air rights deal – and when they do, it appears that the prices are sky-high. As reported by the New York Times on Monday, residents of the 11-unit loft building at 206 West 17 Street, also known as City Prairie, shelled out a hefty $11 million back in 2016 to buy development rights from Gary Barnett’s Extell Development, simply to preserve their Empire State Building […]
source https://therealdeal.com/2019/07/24/what-a-view-costs-wealthy-chelsea-residents-paid-gary-barnett-well-over-market-rate-for-development-rights/
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