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Air cost in New York – Real Estate market project

Air cost in New York – work on a major project in the US real estate market is now entering a crucial phase. Hudson Yards consists of 15 skyscrapers and fills the last big gap in New York City Tissue. Investors spent $ 25 billion on this neighborhood. Not many people know they had to pay for anything else besides the plot, steel and glass. For something you can’t see or touch – for the air.
Although not very clean, it is in this 8,5-millionaire metropolis as expensive as anywhere else in the world. The reason for this is the reform of building law from 1961 Until then, there were no height limits in the “Big Apple”. In order to prevent the “arms proliferation” of developers, the city has determined how many floors and how many surfaces can be built per square meter of land.
The fact that companies can, since then, simply buy back unused airspace from their neighbours. For example, if the building has only 20 floors and 40. is allowed, the investor can acquire air rights above it and add 20 floors to his project next door. Thanks to this solution, New York schools, theatres and churches are unable to make use of their rights. They gain a lucrative source of income: they can sell rights to space not only to their immediate neighbours, but also to those across the street. In 2014 the church of st. Thomas in Manhattan for the rights to air above the roof received $ 72 million when Goldman Sachs needed an extra area for his skyscrapers.
Hudson Yards Investors couldn’t handle this cheap. They had to pay $ 265 million. But despite construction explosion, the air in New York won’t be long. Statistically speaking, unused rights to space over roofs would be enough to set up about 1300 skyscrapers of the Empire State Building.


432 Park Avenue - 57th Street432 Park Avenue

In New York City, the maximum permissible height of the skyscrapers is decided by the area of the plot. To be able to rise 432 Park Avenue, 426 m high. On a square with sides only 28 at 28 m., it was necessary to buy the airspace of adjacent buildings.
 
 

Construction of 111 West 57th Street - 25-05-2019111 West 57th

Measures 438 meters and with a ratio of width of facades, up to a height of 1:24-is the most beautiful cloud in the world. The construction of this luxury skyscraper was only possible thanks to the air above the plot.
 
 

Construction of Central Park Tower - 27-04-2019Central Park Tower

The construction of the 472-Foot Central Park Tower is to be completed in 2020 This height was also achieved only because investors bought a lot of airspace rights from neighbouring skyscrapers and used them to build their own skyscrapers.

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