Something similar occurred with the air rights of the former quarters of Engine 4 and Ladder 15. A developer was limited on the height of his proposed building but he could get some concessions if he provided some public space. There is not much available space in the Financial District, so he said he would build a park on the site of 4 & 15 and relocate them into his new building. The air rights of the old 1st Precinct behind the firehouse were sold as well. Thus, Old Slip Park, nothing more than a couple of dozen park benches and some trees, was born.
In exchange for 20,000 square feet of public space the developer received 110,000 square feet of bonus floor space.
In exchange for 20,000 square feet of public space the developer received 110,000 square feet of bonus floor space.