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Old Posted Sep 15, 2010, 2:48 AM
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Smile NEW YORK | Moynihan Station / MSG Renovation

A station's hot air
Share Print Email Comment By Erik Engquist and Jeremy Smerd

The state and the city have re-entered negotiations with Vornado Realty Trust and The Related over the sale of 1 million square feet of air rights associated with the new Moynihan Station, says the new president of the Moynihan Station Development Corp., Timothy Gilchrist. The developers entered into a memorandum of understanding with the state in 2006 to develop the Farley Post Office into a new train station and to use the air rights to build an adjacent mixed-use development, topped by a 67-story tower. But the plan, including $110 million from the sale of the air rights, was never approved by the Public Authorities Control Board. Now that initial construction contracts on the $267 million first phase of the station were approved last week, attention is turning to the sale of the building's 2.5 million square feet of transferable air rights, of which Related and Vornado have dibs on the first 1 million.
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Buildings Over 200 Meters 62 Completed 20 Under Construction 50 Proposed 0 On Hold

Last edited by SkyscrapersOfNewYork; Sep 15, 2010 at 4:45 AM.
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