What is the price of air rights in New York?

Air rights are a complex and valuable commodity in New York City. As the city continues to grow and densify, the demand for air rights has increased dramatically. Air rights can be sold for a variety of purposes, including the development of new buildings, the expansion of existing buildings, and the creation of public plazas and parks.

The price of air rights can vary significantly depending on a number of factors, including the location, zoning regulations, and the specific development plans. In general, air rights in Manhattan are the most expensive, followed by Brooklyn, Queens, and the Bronx. The most expensive air rights in the city are typically found in Midtown Manhattan, where they can sell for over $1,000 per square foot.

The average price of air rights in New York City is around $500 per square foot. However, prices can vary significantly depending on the specific location. For example, air rights in Midtown Manhattan can sell for over $1,000 per square foot, while air rights in the Bronx can sell for less than $100 per square foot.

Here are some recent examples of air rights sales in New York City:

* In 2018, the developer Extell Development Company purchased the air rights above the St. John the Divine Cathedral for $10 million. The air rights will be used to develop a new residential tower.

* In 2019, the developer JDS Development Group purchased the air rights above the site of the former Philip Morris factory for $150 million. The air rights will be used to develop a new office tower.

* In 2020, the City of New York acquired the air rights above the site of the former Vanderbilt Railyard for $154 million. The air rights will be used to create a new public park.

These are just a few examples of the many air rights sales that have taken place in New York City in recent years. As the city continues to grow, the demand for air rights is likely to increase, which could drive prices even higher.