Seizing on the opportunity to acquire a 3-story building with 25,000 SF of existing air rights and create a prime development site located within blocks of Grand Central Station, Bryant Park, Herald Square, and Penn Station, ClearRock Properties (Prima predecessor) and its capital partner purchased the asset in 2013. Through its control of an abutting tax parcel, which was owned by the same partnership, ClearRock achieved the joint venture’s goal by completing a tax lot split and buyouts/relocations of certain tenants resulting in a 50-foot development site that was sold to and developed by a hotelier.