Chelsea Condo Owners Halt Tower Project by Paying $11M They Bought the Air Rights to Protect Their Views

Chelsea street (photo: GK tramrunner229, via WikiMedia Commons)

A group of residents from a Chelsea condo took an unusual approach to protect their views from being blocked by a proposed neighboring residential tower that developer Extell wanted to build.

Rather than suing, the condo owners paid Extell $11 million for the air rights, The New York Times reported on Monday.

Extell had proposed constructing a 145-foot condo tower to replace a set of smaller buildings it acquired in 2016.

Concerned that the proposed tower would block their views, including the Empire State Building, the group from the L-shaped Chelsea condo made an offer of $11 million to buy the air rights from Extell. The company's founder, Gary Barnett, had originally wanted more than that price. 

After further negotiations, both parties arrived at a deal.

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