$39.9M In Air Rights Bought For Skyscraper From Landmarked UES Club: Reports

UPPER EAST SIDE, NY — Real estate developer Extell Development has officially bought air rights from a landmarked building in Lenox Hill for its planned skyscraper at 655 Madison Ave., near East 60th Street, according to reports.

First reported by PincusCo, property records show Extell paid approximately $39,900,000 to the Metropolitan Club at 790 Fifth Ave., a landmarked hotel and private member's club that first opened in 1891 led by John Pierpont Morgan.

This air rights transaction on Jan. 29 secured about 135,000 square feet of development rights for Extell to build the tower higher, according to PincusCo.

Extell had initially planned for a 37-story mixed-use building on the property, but now, with the newly acquired air rights, Extell is aiming to expand the building to 74 stories tall, according to Crain's New York Business.

The proposed building would span approximately 765,000 square feet and include 154 residential units, and wrap up construction in 2031, if the zoning is approved, Crain's reported.

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