Manhattan Boasts Valuble Air Rights

from National Public Radio

Developers paid more than $40 million for the empty space above Christ Church on Park Avenue at 60th Street. The New York Times reports zoning laws allow for a structure taller than the church to be built on its land, and the church can transfer its unused development rights to an adjoining property . The church's new neighbor is expected to be a 51-story tower, with apartments expected to fetch $8,000 per square foot.

Broadcast Dates

• Morning Edition, February 26, 2013