Newsday (Nassau Edition) from Hempstead, New York • 66

mint snore eat clot 208 PeR cAE 308 63-00 DA 08 0001 050X9 Part III 91 Real Estate September 27, 1986 Saturday Newsday Pulling Money From Thin Air By Sara Lessley N. EAST 52ND STREET, a four-story rental apartment building is undergoing conversion. On its roof, a separate six-unit condominium has just been constructed. vacant lot or adding on a few Instead of building on a floors costly undertakings in crowded Manhattan a separate residence was created on top of the existing legally BE 80 000 Two factors explain Manhattan attorney for the converthis first-of-its-kind "lollipop condo," says sion John Donohoe, There's a less red tape with new construction, sponsors. the unused air space above the but equally as valuable enough to make the difficult develsignificant: old building is opment latest example of using air as a kind of worthwhile.

raw just residential construction. air It's the material in above buildings that don't reach the allowed zoning space skimmed off and sold. Developers buy these height can be -Continued Page 35 on Sellers Weigh Heavier Tax Load. Page 7 Over-55 Exemption Home Discovering the Stuff of Legends. Pages 32-33 Living In Sands Point: 043 of ea 8 Ned Aspsman pan structure..