July 29, 2014

Commercial Litigation Insider quotes Mike Volpe on Board of Art Students League air rights sale victory

1 min

Venable partner Mike Volpe was quoted in a July 29, 2014 Commercial Litigation Insider article on Venable’s latest victory on behalf of the Board of Art Students League over the sale of air rights. The air rights in question, above the League’s headquarters at 215 West 57th Street, were conferred to a developer in 2005 for $31.8 M. An 88-story luxury residential tower is planned next to the American Fine Arts building. The air rights relate to a planned cantilevered section which will extend over the building at the 30th floor. The decision confirms an earlier ruling denying a preliminary injunction to prevent the sale.

Volpe said the court’s decision “consistently and definitively upheld the decision-making of the board and the process the board followed.” He added, “You had a group of people that incorrectly thought that the board wasn’t listening to their concerns. There were a number of dissidents and the judge was very careful to give them their hearing in court so they could forth evidence. From the art students’ perspective, it would now like to move on.”