Massey Knakal Sells CB5 Inclusionary Air Rights
Massey Knakal has sold a bundle of Inclusionary Air Rights (IAR’S) within Community Board 5 which stretches from 57th Street down to 14th Street, covering most of the area between Lexington and Eight Avenues in Manhattan.
The bundle includes 21,600 square feet of off-site Inclusionary Air Rights, which may be applied within Community Board 5 or within a ½ mile radius of the original site, 1 East 35th Street, so long as they are transferred to a property within an R10 (or equivalent) zoning district. Properties in manufacturing districts are not eligible.
“There is a limited supply of unimproved land in Community Board 5 that is not encumbered by a landmark district and is situated in the proper R10 zoning district. The purchaser of these air rights had assembled a site over the past few years and will now benefit from lowering their all-in cost basis in the land acquisition,” said Massey Knakal Vice Chairman and Partner John F. Ciraulo, who exclusively handled this transaction with Senior Vice President of Sales Robert Burton.
“As land sales continue on their upward trend and the development market continues to thrive we have been fielding a barrage of inquiries from both developers trying to identify qualifying sites to produce IAR’s and from developers that can use them across mostly all NYC Community Boards. As a result, pricing of IAR’s, which is completely supply and demand driven, has also been on an upward trend,” added Ciraulo.
“The parties were previous clients who were happy with our work so we were delighted to receive the referral,” said Burton.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.