High Line Air Rights May Be Priced Out Of Reach

Law360, New York (March 6, 2012, 7:08 PM EST) -- The air rights above a half-constructed four-story building adjacent to Manhattan's High Line park are reportedly being sold for $500 per square foot, but experts said Tuesday that development and construction costs associated with exercising those rights might make it a losing bet.

Sherwood Equities Inc. bought the shell of a building on West 20th Street for about $7.3 million last April after the previous owner failed to raise the funds to renovate the site for commercial use. Now Sherwood is unloading about 20,000 square feet...
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