Tips For Negotiating Air Rights In NYC

Law360, New York (February 25, 2013, 9:33 PM EST) -- Demand for new housing in New York has made transferable development rights, or "air rights," a hot commodity in recent months, but zoning attorneys warn of a variety of pitfalls that come along with "buying air," from hidden building code rules to rezoning efforts that could render the rights useless.

It can be enticing to thwart zoning rules about height and floor area ratio by buying a neighbor's excess rights to such dimensions, especially in a city such as New York where building up is in many cases the only way to add new units. And a lot of additional value...

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