Broadway theaters selling off air rights to developers who are looking to build huge towers within the Theater District is not a new concept. In fact, Extell is constructing a building made entirely of diamonds using air rights the company cobbled together. Now, the Times reports that the Shubert Organization wants to sell off the development rights for the Shubert and Booth Teaters to Gladden Properties, which plans on building a 40-story office building on Eighth Avenue between 54th and 55th Streets. Yep, another new neighbor for the Hearst Tower, but will it be naughty? The Times pairs this report with an investigation into what happens to the money generated by these air rights deals that is supposed to be donated back into the theaters. On that topic: reply hazy, try again.
· Shubert Considers a Deal to Sell Theaters’ Air Rights [NYT]