All She Wants to Do is Dance, Dance: Hotel builder pays big bucks for Mark Morris’ air rights

Eye On Real Estate

January 29, 2014 By Lore Croghan Brooklyn Daily Eagle

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Mark Morris Dance Group was paid $2.84 million for air rights that will be used to construct a high-end boutique hotel thisclose to Barclays Center.

The air rights for the Downtown Brooklyn hotel project were purchased by the builders of 95 Rockwell Place, which is being designed by star architect Thomas Leeser. It will be part of the prestigious Marriott Autograph Collection, just like the famed Algonquin.

Eye on Real Estate previously reported that an LLC that includes Brooklyn builder Second Development Services made the deal for the transfer of 47,337 square feet of air rights from the dance center at 3 Lafayette Ave. The new info – about the price paid – has since surfaced in city Finance Department records.

Also revealed in city records: the amount of rent that the owner of the site, the Hertz Family LLC, is charging the hotel developer. The two parties signed a 49-year lease in June 2012 for the site, which is next door to the recently opened Shakespeare-centric Theatre For A New Audience.

In the first year of the lease, the base rent was $600,000.

In the 49th year, it will be $2,268,958. Over the years, the gradually escalating base rent will add up to nearly $62 million.