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Air Rights From Neighboring Bank Add Intrigue to Junior's Site

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When the owner of Junior's Most Fabulous Cheesecakes and Desserts in Downtown Brooklyn announced that he was putting the iconic restaurant on the market, it seemed like an attractive development site with reported air rights that would allow a new building to rise 20 stories. But now that number may now be doubling, as the neighboring landmarked JPMorgan Chase branch is considering selling off its air rights. Combining the air rights from the two sites could result in a 385,000-square-foot (likely condo) tower that could rise as high as 50 stories (only three stories shorter than Brooklyn's current record holder 388 Bridge Street), Crain's reports.

The Junior's site has no official asking price, but when it first went on the market, brokerage Massey Knakal put the number at between $45 and $55 million. That price could get even higher now. Junior's third-generation owner, Alan Rosen, has promised to try to work out a deal where the restaurant gets to lease the ground floor of whatever ends up getting built there.
· 50-story tower could sprout on Junior's site [Crain's]
· Junior's Seeking Developer To Top It With Condo Tower [Curbed]