Zoning expert Frank Chaney negotiates ZLDA that gives developer more space to build
Rosenberg & Estis, P.C., currently celebrating its 50th year as one of New York City’s pre-eminent real estate law firms, announced that it has completed the $6.6 million sale of air rights on behalf of Plentino Realty.
Frank Chaney, Counsel, represented Plentino in the sale of air rights from its properties at 1488 and 1490 First Ave. on Manhattan’s Upper East Side to Alchemy Properties. Concurrent with the air rights sale, Chaney negotiated a zoning lot merger and development agreement between Plentino and Alchemy for the transfer of the air rights to Alchemy’s 7,000 square foot development site at 1482-1486 First Ave., adjacent to Plentino’s properties.
Chaney, a leader in R&E’s Zoning practice group, who has deep experience in zoning law, said, “We worked hard to reach an agreement that would achieve both parties’ goals.”
The Zoning Lot Development Agreement (ZLDA) creates a single lot with greater development rights, allowing the developer to build larger and taller buildings than would otherwise be permitted
The agreement to transfer or purchase air rights from the The Parkoff Organization and Prize Network Group for $33.7 million earlier this month further solidified Alchemy-ABR Investment Partners’ commitment to 1482 -1486 First Ave.
About Rosenberg & Estis, P.C.
Founded in 1975, Rosenberg & Estis, P.C. is widely recognized as one of New York City’s pre-eminent real estate law firms. R&E provides full-service representation and advice in every aspect of real estate, from performing due diligence and evaluating financing, to handling joint ventures, acquisitions and leasing, construction and design team agreements, property tax exemptions and abatements, land use and zoning matters, Real Property Income & Expense (RPIE) filings, co-op and condo offering plan filings, distressed situations and bankruptcies, trust and estate planning, as well as the litigations and negotiations which sometimes ensue when deal-making. R&E’s wealth of experience in New York real estate makes it the ideal thought partner for owners, developers, not-for-profit corporations, educational institutions, sponsors, equity investors and lenders in both real estate transactions and in all court venues.
