Development near South Street Seaport.

The New York telephone company has purchased a block near South Street Seaport from the city for 8 million dollars and has entered into a contract to sell it to  JAck Resnick and Sons for 13 million dollars.

Burton Resnick, the president of Jack Resnick & Sons, said that he hoped to proceed with an office building ”as quickly as possible.” He said that the sale included development rights for an additional 120,000 square feet. The development rights were created more than a decade ago when the city acquired much of the property in the South Street Seaport area. For the full story please visit : http://query.nytimes.com/gst/fullpage.html?res=980DE4DF1539F932A35750C0A967948260