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Howard Hughes Pays $31M for Air Rights in Seaport

It's confirmed that Howard Hughes Corp. paid $30.8M for 333k SF of air rights from the banks that own South Street Seaport Historic District development rights. While the air rights have yet to be transferred to a specific site, we do know the rights were purchased separately from the proposed Seaport redevelopment project. Senior EVP of Development Chris Curry says, “The acquisition of these air rights is part of The Howard Hughes Corporation's ongoing investment and commitment to the Seaport District.” He goes on to add that the company’s main priority is the proposed redevelopment. The controversial Hughes proposal for South Street Seaport also includes $305M worth of improvements in infrastructure and public-investment benefits.