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by CareyBot

Brokerage Marcus & Millichap this week announced the sale of a development site with air rights in Manhattan, N.Y., for a price of $11.5 million. A locally based hospitality developer bought the lot at 52-54 West 13th St., which includes a vacant mixed-use building and unused development rights, or air rights, from an adjacent property at 50 West 13th St. An unidentified California trust sold the 42-by-103-foot lot, which, according to a press statement, will be merged with the adjacent lot's air rights to allow for "maximum development." The site is located in the Greenwich Village/Union Square area. ...