The Seward Park Cooperative on Manhattan’s Lower East side turned down $54 million from a developer in exchange for 162,000 of air rights. After a long negotiation process, the proposal was put to a vote but did not get the necessary amount of shareholder support to pass. The developer will still build adjacent to Seward Park, but will build two towers of 17 and 20 stories instead of 20 and 33 stories.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.