The New York Historical SocietyLocation: Manhattan, New York
Client: The New York Historical Society
Services: Project Feasibility, Public Approvals, Proposals & Transactions
The New York Historical Society retained Washington Square Partners to implement key components of its strategic plan to transform itself into a preeminent center for the study of American History. WSP analyzed the society's existing facility and a vacant lot on West 76th Street to determine the potential for facilitating expansion of the current facility and endowment through the sale of air rights. WSP determined that the sale of unutilized air rights could fund the expansion of the Society's space and contribute to its endowment.
Over the past year, WSP has marketed the project to generate interest among developers while helping to facilitate concerted outreach to the community and elected officials to articulate the importance of the project to the Society's future. WSP wrote a request for developer proposals and as a result in late 2006 the Historical Society received 8 proposals from leading developers to utilize air rights to develop a new residential tower while providing additional space for a major expansion of the Society's space. Washington Square Partners evaluated these proposals and after developer selection, WSP continued to support the Society by seeking discretionary approvals through the New York City Landmarks Preservation Commission and Department of City Planning.