Developers Just Discovered a Billion Dollars of Hidden NYC Real Estate
New York Post, Jan. 10, 2016–Riedel, Michael
For years, Broadway theater owners have been selling air rights above their rather squat, landmarked stages to developers. Developers use those air rights to add extra floors to skyscrapers. But now the Nederlander Organization, which owns nine Broadway theaters, has unlocked something new: basement rights.
