Co-op Values

The sale of air rights will have an effect on our co-op values in several ways:

• The overall asset value of co-op will be reduced once we have spun off the air rights;
• Ascend wants to buy 162,000 square feet; SPBuzz has an in-depth analysis that estimates the full project, with air rights, will add about 240 units right on our corner (see http://spbuzz.org/electioncorner/ec2018-ar/ar_14.php)
• With 240 extra apartments on the market right next door to us for the next few years, the law of supply & demand dictates that our own apartment values will drop.
• In addition, what would such a massive building do to the value of the SP apartments directly behind and across from it whose views it would block?

Updated 11/27/2017