Redevelopment sites sold in NYC

Hotel builder's ultimate plans still unknown

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

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. ...