Last week, I
wrote about a trend prevalent during 2005-2007 – the condo conversion of mostly
rent regulated apartment buildings. During that time span, I also witnessed
dozens of Inclusionary Air Right sales.
In 2009, when the market froze, so did the sale of these rights. The return of
ground up development has revived these sales, which can still trade well into
the $200s/SF, which is only a slight decline from the $300s/SF which were
achieved in some cases at the peak of the market.
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