NYC Midtown Air-Rights Sales May Raise Funds for Transit
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New York City’s plan to encourage taller skyscrapers around Grand Central Terminal may raise about $750 million to improve access to mass transit in the neighborhood through the sale of air rights to developers.
The city would sell so-called district improvement bonuses for $250 per square foot of floor space to developers who would then be allowed to exceed building-height limits, according to a proposal by the Department of City Planning. The money would go to the Metropolitan Transportation Authority to fund staircases, escalators and other improvements to subway stations in the area near the East 42nd Street rail hub.