In November, the City Planning Commission voted to raise the cost of air rights transfers in the Theater District, allowing the city to take a 20 percent cut of any sales and establishing a minimum floor price of $346, a roughly 400 percent increase over the current $17.60 flat fee that they feel will be more in line with current property values. Despite vocal opposition from the Real Estate Board of New York, who back Theater District landlords and believe the increase is “is onerous, excessive and unfair,” this month the Commission is hoping to have the proposal approved by the City […]
In November, the City Planning Commission voted to raise the cost of air rights transfers in the Theater District, allowing the city to take a 20 percent cut of any sales and establishing a minimum floor price of $346, a roughly 400 percent increase over the current $17.60 flat fee that they feel will be more in line with current property values. Despite vocal opposition from the Real Estate Board of New York, who back Theater District landlords and believe the increase is “is onerous, excessive and unfair,” this month the Commission is hoping to have the proposal approved by the City […]