Meredith J. Kane
The August 6 New York Times featured an article on the growing trend of Broadway theaters to sell their unused air rights to real estate developers, and discusses the sale of the air rights over the St. James and Al Hirschfeld Theaters to developers building new residential and hotel buildings in the Times Square area.
Paul, Weiss is representing Jujamcyn Theaters and their investor partners, the owners of the air rights over these two theaters, in these transactions. These two deals mark the first time that a theater owner has taken advantage of the special theater air rights provisions of New York’s Zoning Resolution, adopted eight years ago, that allow theater owners to sell their unused development rights within an expanded area of Manhattan’s West Side, with a portion of the proceeds going to maintain the historic Broadway theaters and support the theater community.
The Paul, Weiss team included real estate lawyers Meredith Kane and Sal Gogliormella; and summer associates Stephen Friend, Kate Fischer, Matt Scheck and Filip Gavanski.