An old idea has new life in the de Blasio Administration—less restrictive air rights regulations for landmarks like St. Patrick's Cathedral.
"The Archdiocese of New York has been working with Central Synagogue and St. Bartholomew’s Episcopal Church for new rules that would allow the two churches and the synagogue—all designated city landmarks—to sell their unused air rights to developers who have properties that aren’t adjacent and may be many blocks away," reports Josh Barbanel.
The rule would be a huge boon to St. Patrick's Cathedral, which, surrounded by tall buildings, is prevented by current air rights regulations from selling its estimated one million square feet of air rights.
According to Barbanel, City Planning Director Carl Wiesbrod recently announced to an "the beginning of a broad review of air rights." The article includes a helpful infographic illustrating how air rights work.
Readers unable to circumvent the Wall Street Journal paywall can find follow up reporting in the New York Business Journal or The Real Deal.
FULL STORY: Up in the Air: Development Rights of New York City Landmarks [paywall]
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