Skyscraper Taking Roseland Site?

The site of New York City’s Roseland Ballroom, 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.

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.

Photo: Nicole Mago

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.