January 14, 2017 Comments Off on Developer Pays $10M to Build Taller Views: 297 New York News, Uptown/Bronx New York

Developer Pays $10M to Build Taller

Real estate investor Haim Nortman bought another piece of the puzzle he needs to build a luxury residential tower on 125th Street, the Main Street of Harlem.

First, Nortman paid LaGree Baptist Church $28.5 million for their four-story church at 362-370 West 125th Street in July. He plans to demolish the church, built in 1891, according to a plan approved by the City in November.

Then, December 13, Nortman paid $10.2 million for the right to build a structure with 27,500 square feet of space in the air over the church site. Nortman bought these “air rights” from the Fata Organization, the owner of the building next door at 350-360 West 125th Street.

Nortman already had the right to build a 75,099-square-foot structure on his site. The air rights from Fata will allow him to build a tower with more than 100,000 square feet of space.

Read More at the Commercial Observer

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