The value of Manhattan air rights has skyrocketed, and a recent deal in the Theater District Transfer District set a new record. The developers planning the Times Square Marriott Edition at 701 Seventh Avenue paid $409 per square foot for 44,968 square feet of rights, and it was the first time since the district was created in 1998 that anything surpassed the $400 per square foot mark. The rights will allow the new Edition hotel to rise 500-feet. [NYO; previously]
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