[...] when the residents of a 12-story loft building in Chelsea learned that a proposed tower next door threatened to darken most of their windows and block their Empire State Building views, they tried a less confrontational approach.
They banded together to make the developer an unusual offer: $11 million not to build.
— The New York Times
A group of Chelsea condo owners have shown that a million-dollar view can actually be worth $11 million.
As J. David Goodman writes in the NYT, "The owners used a typical developer strategy and turned it on its head: They bought the developer’s air rights — normally used to allow for taller buildings than allowed — at the neighboring property."
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