theater district

Midtown West, Policy

Image via Wiki Commons

The de Blasio administration pulled the plug Monday on proposed legislation that would give the city a 20 percent cut of any air rights sales in midtown Manhattan’s Theater District, according to Crain’s. The reversal followed disputes with City Council members over a key element–a floor price for the sales. The proposal had been part of a long effort to get theater owners to up the amount they contribute to a fund used for venue maintenance and support for smaller theaters. There is now speculation as to whether the move could cast a shadow on the administration’s Midtown East rezoning plan, which is a similar policy initiative.

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Midtown West, Policy

In November, the City Planning Commission voted to raise the cost of air rights transfers in the Theater District, allowing the city to take a 20 percent cut of any sales and establishing a minimum floor price of $346, a roughly 400 percent increase over the current $17.60 flat fee that they feel will be more in line with current property values. Despite vocal opposition from the Real Estate Board of New York, who back Theater District landlords and believe the increase is “is onerous, excessive and unfair,” this month the Commission is hoping to have the proposal approved by the City Council, reports Crain’s.

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Midtown West, Policy

The City Planning Commission has voted to up the cost of air rights transfers in the special Midtown Manhattan district that includes Broadway’s theaters, The Real Deal reports. Currently, when developers purchase air rights from theaters between West 40th and West 57th Streets from Sixth to Eighth Avenues, they pay $17.60 per square foot to the Theater Subdistrict Fund. Transferable development rights can usually only be used for adjacent properties, but the city created the special district in 1998 to help the theater industry thrive amid sharply rising real estate prices; within the district, air rights can be moved more freely in a larger area outside the usual “arms length” restrictions.

What does this mean for Broadway theaters?

Cool Listings, Hell's Kitchen

454 W 46th St. PH 6BS living room

Imagine sitting in this living room. This would be only one of the perks of living at 454 West 46th Street #PH-6BS. The stunning penthouse rests at the top of  the Piano Factory, and it’s currently on the market for $3.995 million with Town Residential’s Glenn Connolly.

If this penthouse is the crowning jewel of the historic loft conversion complex, then that living room is the crowning jewel of the penthouse. No, you’re not going blind. The living room is really that light-flooded, thanks to a vaulted glass ceiling above. And it doesn’t stop there. The radiant room leads to a gorgeous terrace – just one of the unit’s two, to be exact. The other one is off of the spacious, eat-in chef’s kitchen, which rests in a corner of the apartment, offering top-of-the-line appliances and exposures from windows on two walls. But if the stunning southern views from the kitchen’s terrace, or the main terrace’s skyline views that stretch from Hell’s Kitchen to the edge of Central Park aren’t enough, you can always build another deck on the roof with board approval because you have roof rights. Is there anything these people haven’t thought of?

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