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NY's latest property buzz: US$240m for air space

Deals for air rights - in which value is assigned to the space between a roof and the tallest permissible building height - are set to transform an area recently rezoned as Midtown East

Published Sun, Mar 4, 2018 · 09:50 PM
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New York

THE gold rush is on.

The owners of Grand Central Terminal are selling air rights for about US$240 million to JPMorgan Chase so the bank can build its new midtown Manhattan headquarters, according to executives who have been briefed on the deal.

The bank is also negotiating to buy a total of 100,000 square feet of air rights from St Bartholomew's Church and, possibly, a second religious institution in the district, said the executives, who spoke on condition of anonymity because they were not authorised to discuss it.

Six months after the city rezoned the area surrounding Grand Central Terminal to allo…

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