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Legitimate Theater: Incentives Promote Broadway District Preservation
May 30, 2007
Real estate partner Meredith Kane and associate Salvatore Gogliormella's article, "Legitimate Theater: Incentives Promote Broadway District Preservation" appeared in the "Real Estate Trends" section of the May 30 New York Law Journal. The article discusses the sale of development rights from New York City's Broadway theaters. The completion of the first transactions under the theater subdistrict zoning provisions, which provide incentives for the preservation of Broadway theaters, has now established useful precedents for future transactions. With well over one million square feet of development rights still available for transfer from the Broadway theaters to Midtown West development sites, the theater air rights offer a major opportunity to real estate developers and accomplish the public policy goals to preserve New York's vibrant theater district.