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11-30-2005, 11:28 PM
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The Cost Of Air - $430 Per Square Foot
Two New York City developers have agreed to pay a record price for "air rights" to build an apartment building with views of Central Park, according to a report Wednesday.
The developers, brothers William and Arthur Zeckendorf, will pay $430 a square foot, more than double the going rate, for air rights over Park Avenue and East 60th Street, the New York Times reported. Buying the air rights over low-scale buildings, the developers will be able to build up. The 35-story apartment tower will be taller than the zoning ordinarily allows, the paper said... Entire Story 
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