Skyscraper Taking Roseland Site?

The site of New York City’s , which is to close in April, could soon undergo a transformation with the Shubert Organization considering selling development rights to build above several of its theaters.

Photo: Nicole Mago

The organization is reportedly in talks with a prospective buyer that wants to build an apartment tower at the Roseland Ballroom site as well as a hotel at the northeast corner of Times Square.

The buildings could apparently rise at least 500 feet if an agreement is reached, and those “air rights” wouldn’t come cheap.

The Shubert Organization could fetch more than $35 million from the sale, according to the New York Times.

Realtor Robert Shapiro told the paper the demand for air rights in the city has boomed.

“There is a feeding frenzy going on in development in New York,” he explained, adding air rights have previously sold for $225 per square foot but the current going rate is well beyond $300.

Building a 426-unit apartment on the site of the Roseland Ballroom requires the purchase of air rights from a theater next door plus an additional 58,392 square feet of development rights from the Majestic and Broadhurst Theaters, the paper reported.

Roseland Ballroom originally opened in 1919 as a dance club and, in later years, moved to its present location and operated as an ice-skating and roller rink, a ballroom and dance hall.