Kearns Quoted in Real Estate Weekly on Air Rights Pricing in East Midtown
October 7, 2016
Real Estate partner Thomas Kearns was quoted in a Real Estate Weekly article discussing the city’s rezoning proposal of putting 3.5 million square feet of air rights on the market for transfer in East Midtown. Diverging from an earlier plan, the city is allowing the market to dictate the pricing of air rights in the district. Kearns said that allowing the market to set the price of air rights “made sense,” but that “how much of the market will the city take” remains on open question.