Seward Park Co-op Votes to Deny Air Rights Deal to Developer

Posted on: June 14th, 2018 at 1:21 pm by

Big news out of Seward Park Co-op this afternoon. The votes are counted; the housing complex on Tuesday voted to deny the $54 million sale of air rights to developer Ascend Group.

According to management – Charles H. Greenthal and Co. – the referendum did not yield the required two-thirds majority to pass. (Results: 690 Yes, 507 No, 30 abstained.)

Ascend has been gunning for these additional air rights for over a year to construct two new towers (22 and 33 stories) that would flank the landmark Bialystoker Nursing Home on East Broadway. Co-op members were split on the sale: those in favor argued the additional money would help repair a property in arrears, while those opposed argued additional congestion and loss of open space was detriment.

Without these air rights, it’s believed that Ascend will instead move forward with Plan B. Two towers at the lower heights of 17 and 20 stories. Still gargantuan to say the least.

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