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Air Rights in Peril After Midtown Collapse | Real Estate News
A major structural collapse at a Midtown office-to-residential conversion has sent shockwaves through the real estate world, raising serious questions about the safety and value of “air rights” — the coveted unused space above buildings. Developers, like Andrew Heiberger, are now reconsidering risky overbuilds as costs soar and lenders tighten up, with Heiberger boldly declaring he’d pay nothing for air rights right now. Meanwhile, a Flatiron penthouse is hitting the auction block with all proceeds going to a Mozambican conservation charity, and the city’s priciest deal this week? A $14.5M…
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