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Radiator Air Valve On Main in Basement

Hi - we bought our 1940's home about a year ago (NYC). The house is a single story ranch. We have a gas fired boiler / steam heat.

Last year, I noticed a couple of our cast iron steam radiators were gurgling / dripping water, but it was minor and we made it through the winter OK. This fall, I had the stop valves and air valves replaced on those two radiators. Now, everything is working great and the heat actually is much quieter and more efficient.

However, I was walking by the basement door when the heat was on today and heard a hissing noise. When I checked downstairs, I found an air valve on top of a pipe in the corner of the basement. It was hissing steam straight out of the top, into the ceiling cavity space. This is right under the basement ceiling. See photo of the valve here.

Is this supposed to be venting air while the heat is on? I don't think this was happening last year. The air was hot but not burning hot, and if I held my hand on the air for a few seconds, I would get a little condensation on my hand. Just concerned that this is a side effect of fixing those valves upstairs. Don't want to damage anything if this is faulty, but want to make sure it isn't normal first.

Thanks in advance!

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