Extell buys air rights.Transferable development rights from 29 West 46th Street in Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town were sold by Massey Knakal Realty Services in an all-cash transaction valued at $3,450,000. The air rights transfer is part of the ongoing assemblage assemblage: see collage. assemblage Three-dimensional construction made from household materials such as rope and newspapers or from any found materials. for the Extell Development's planned Diamond Exchange Building. The buyer, a Manhattan developer, has acquired approximately 13,858 buildable build·a·ble adj. Suitable or available for building: "The problem was finding a site that was well located, appropriately zoned . . . and buildable" Sam Hall Kaplan. square feet. The property sold for $248.95 per buildable square foot. "The owner wisely seized the opportunity to achieve the maximum price for his property's air rights," said Massey Knakal broker Mark Spinelli, who exclusively represented the seller with chairman Robert Knakal. "The resulting transaction proved mutually beneficial Adj. 1. mutually beneficial - mutually dependent interdependent, mutualist dependent - relying on or requiring a person or thing for support, supply, or what is needed; "dependent children"; "dependent on moisture" , as the owner was able to capitalize by selling his air rights at their highest value while the purchaser will now have additional developable air for a magnificent new project in the heart of the Diamond District." |
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