Argo Real Estate pays $1.5M to King Rock Capital to buy air rights for West Village development

Mark Moskowitz’s Argo Real Estate through the entity 64 University Place LLC paid David Issroff’s King Rock Capital’s University Stone LLC $1.5 million for 3,000 square feet of air rights from 70 University Place in the West Village. Argo will be using the air rights at its project at 64 University Place.
The deal closed on November 18, 2019, and was recorded on November 25, 2019.

Argo bought 3,000 square feet of air rights from the neighboring property, 70 University Place, which works out to $500 per square foot. Argo paid $30 million in June 2019 for 64 University Place.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $159,135.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link