Description
Understand what air rights are, the difference between airspace and air rights, and when such air rights can be transferred.
Newspapers and real estate blogs are full of articles about the huge sums of money paid in NYC for air rights. Property owners may wonder whether they can monetize the airspace above their property or an existing building by selling the air. Do they really own and can use all the air above their property? Do they need some government to establish specific sites to which they can transfer the rights, or can they transfer anywhere? Other property owners wonder if the miracle of TDR provisions will allow them to increase density on their land if they can find anyone to sell them air rights. And if a landowner can sell or buy air rights, how do they do it? This presentation will help property owners and attorneys understand what air rights are, the difference between airspace and air rights, and when such air rights can be transferred either to or from their land. This presentation will explain the processes and issues that can arise in connection with such transfers. The topic will provide a brief introduction to New York City air rights and the transfers that seem to be worth a fortune.
Date: 2022-11-09 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to describe air rights and the difference from air space.
* You will be able to discuss when air rights can be developed.
* You will be able to explain the purposes of granting and receiving sites in air rights transfers.
* You will be able to identify where air rights exist.