Posted: 4/4/23 at 1:54am
The Shubert sold the air rights above the Imperial a couple years ago. Does that mean someone can build something on top of the theatre? They also sold the air rights for the Majestic as well.
Posted: 4/4/23 at 11:22am
I'm not even close to being an expert on this, but I believe air rights can be sold to the owners of neighboring properties, who can then build taller buildings than they would otherwise have been allowed to build. In the case of the Imperial, it seems plausible that the sale of air rights might be related to the skyscraper being built on that block along 8th Avenue, but that's complete speculation on my part.
Maybe someone with more expertise can give a better answer!
Posted: 4/4/23 at 11:25am
QueenTwinnied said: "Let’s ask Cher"
A+. No notes. LOL
Posted: 4/4/23 at 3:37pm
Why would they sell the air rights over the majestic? Is someone going to build a skyscraper around there?
Posted: 4/4/23 at 3:46pm
Broadway Flash said: "Why would they sell the air rights over the majestic? Is someone going to build a skyscraper around there?"
Do you know how Manhattan works?
Posted: 4/4/23 at 6:43pm
I understand the Schuberts wanting to make money. I’m just curious as to what the buyer wanted them for.
Posted: 4/4/23 at 7:32pm
Broadway Flash said: "I understand the Schuberts wanting to make money. I’m just curious as to what the buyer wanted them for."
My answer above provided a possible answer to that. Maybe someone more in the know can confirm it.
Posted: 4/4/23 at 8:34pm
Your answer was for the Imperial. I then asked about the Majestic.
Posted: 4/4/23 at 8:41pm
Construction has already begun on the tower that will cantilever over top of the Imperial.
https://therealdeal.com/new-york/2021/08/17/extells-times-square-megaproject-inches-forward-after-82m-deal/
Updated On: 4/4/23 at 08:41 PM
