The Post reported this week that the average price for air rights in Manhattan in 2016 was $292 per square foot, up from $277 in 2015. The City wants a piece of the piece over Broadway theaters, proposing that it get 20% of any air right sales and that theaters be required to charge a minimum $346 per foot. That contrasts with the $78.60 per square foot minimum the City proposed for midtown east, where 20% would also be claimed for City coffers. Apparently, air prices may change with the wind.
The Furman Center came out, Wednesday, with a report saying the Governor’s new 421a proposal would cost the City up to $5.7 million more for a 300 unit affordable building in downtown Brooklyn than the 421a program that was adopted for 2016, but suspended until a wage agreement could be worked out. By implication, the new proposal is also more costly to the City than the old program that expired in 2015. The report, however, doesn’t even attempt to analyze which of the plans would produce more affordable units or more units overall.
It is time to register for BuildingsNY, sponsored by CHIP and ABO, March 21-22. We’ve arranged a keynote presentation at 8:45 a.m. on the 21st by Jerry Howard, CEO of the National Association of Home Builders, giving us the latest news and projections on Trump administration policy that will affect housing.