REAL ESTATE: $1,000,000 Worth of Air

Space-starved New York City last week sold a lot of air for $1,065,000. Five firms bid for the rights to 90,000 sq. ft. of air over a two-block area in Upper Manhattan that has been cleared of old apartment buildings for a new expressway approach to George Washington Bridge. The highest bidder: Manhattan Realtor Marvin Kratter, 44, whose Kratter Corp., formed only last year, has become one of New York's most aggressive and ambitious builders. The sale marked the first time New York City has sold air rights over a sunken road for buildings to rise over it.

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