The City Planning Commission is set to vote on the price of air rights above West Chelsea, specifically above the High Line, reports The Real Deal.
The Commission is expected to vote for a price that would set the value of air rights along the High Line at $625 per square foot. In December, it was proposed to price it at $500 per square foot, however, Community Board 4 members along with local officials argued that the price was too low and diminished the value of development rights within the area. The Board suggested setting the price at $800 per square foot, but the city calculated a lower price by taking latest air rights sales in the area into account and coming up with a weighted average.
As part of the 2005 rezoning of the area, proceeds from the sale of air rights will be put towards the city’s affordable housing fund. According to attorney Anne McCaughey, there are still about 90,000 square feet of air rights that private property owners in the neighborhood can potentially sell.
- City Planning to vote on higher West Chelsea air rights price [The Real Deal]