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Rockrose Development buys air rights for $20.5 million

Development rights to be used for new Hudson Yards rental building

Justin Elghanayan (Credit: Rockrose)

Rockrose Development has acquired 139,093 square feet of air rights from the MTA for $20.5 million. The Elghanayan’s now have the necessary development rights to move forward with their Hudson Yards rental building.

Development Plans: The building will span around 467,000 SF, and contain 598 apartments. 

Worth Noting: The firm began assembling the site in 2001… They recently paid $35.8 million to the Hudson Yards District Improvement Fund to acquire 278,186 SF of development rights, according to PincusCo.

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