Streetview of 678 Fifth Avenue © 2024 Google
Extell Development has bought $36 million in air rights from a historic Midtown church as it continues to assemble large development sites across the neighborhood. According to Crain’s, the developer has entered into a contract to acquire 123,000 square feet of air rights from the landmarked St. Thomas Church at 678 Fifth Avenue. It’s unclear which project Extell plans to use the rights for, but the firm is working on several nearby projects, including the former Wellington Hotel site and 655 Madison Avenue.
The planned air-rights sale was disclosed in a petition filed in state Supreme Court; churches must get court approval before transferring real estate.
Completed in 1914, the French Gothic Revival-style church, designated a city landmark in 1966, is recognized for its striking facade details and ornamental tower. Church officials say the proceeds will help conserve the building and sustain the parish “without selling or altering any part of the historic church property,” according to Crain’s.
Extell has not said where or how it plans to use the air rights. While such rights are typically transferred to adjacent properties, the developer does not own either site bordering the church.
The firm is working on several nearby projects, including a mixed-use tower at 655 Madison Avenue, initially proposed at 37 stories but now being pursued at 74 stories, as reported by Crain’s.
At the former Hotel Wellington site at 871 7th Avenue, Extell wants to triple the height of another planned tower, from a 27-story hotel to a 71-story mixed-use development with 130 residential units and 156 hotel rooms. Extell has proposed upgrades to the nearby 50th Street subway station in exchange for a zoning bonus to allow for the 1,050-foot-tall tower.
Extell could also be holding the air rights for a future project or treating them as a temporary investment before selling them to another developer, though spokesperson Anna LaPorte declined to comment, according to Crain’s.
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