Theatre obtains expanded air rights after Commission modifies plan. Allen Goldman, of Fifth Street Holdings, LLC and SJP Residential Properties, sought to increase the air rights available for sale from the Hirschfeld Theatre on West 45th Street through a text amendment application. The theater site lies within two zoning lots; air rights, however, can only be sold from one lot under the current text. The restricted lot lies within the Preservation Area of the Special Clinton District, an area created to restrict the size of development in Clinton. Goldman’s amendment sought to transfer air rights from both lots and remove the floor area restrictions of the Special Clinton District solely for the purposes of an air rights sale. This would increase the unused air rights from 22,155 to 37,384 sq.ft. (4.2 FAR to 6.02 FAR).

If approved, Goldman would transfer the air rights to a proposed 42-story, 220-unit residential development to be located at 750 Eighth Avenue. Along with the text amendment, Goldman applied for a special permit for a 101-space garage within the 750 Eighth Avenue development. Both applications started the City’s land use review process in April 2006. 3 CityLand 56 (May 15, 2006). (read more…)

Developer to buy 58,005 sq.ft. of air rights from Broadway’s Hirschfeld Theatre. An application to transfer additional air rights from the Al Hirschfeld Theatre, formerly the Martin Beck Theater, on West 45th Street started the City’s public review process on April 24, 2006 when the Planning Commission certified the applications of Allen Goldman of Fifth Street Holdings, LLC and SJP Residential Properties.

In 1998, the City enacted zoning rules aimed at preserving Broadway’s historic theaters. The rules created financial incentives to maintain Broadway theaters by allowing theater owners to sell air rights equal to the additional floor area that could be built if a new, as-of- right building was built on the theater’s site. The developer that purchased the theater’s air rights could then use the rights to increase the size of a proposed development above the size allowed by zoning. Under the zoning rules, the sale of a theater’s air rights could be accomplished by Planning Commission certification, requiring review by the Community Board and Borough President, but no additional hearing at Planning. (read more…)