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Expert Analysis

Transferring A Landmark's Development Rights Across The Street

Law360, New York (February 9, 2017, 5:07 PM EST) -- New York City real estate owners and developers often ask me about transferring unused development rights from an individual landmark to a site across the street, through a 74-79 special permit issued by the city planning commission (CPC). These development rights transfers can be lucrative for both seller and purchaser, however, they're quite rare. There have only been five recorded 74-79 special permit applications in the past 30 years, four of which were ultimately approved....

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