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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.
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