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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

JP Morgan Chase is buying air rights for about US$240 million from Grand Central Terminal to build its new headquarters, heralding a sell-off in the recently rezoned section of Manhattan.

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...