Let’s Talk About Air Rights!

January 13 2023

So in my last video, I talked a little bit about zoning. However, one thing we haven’t talked about is air rights.

In New York City, that can be one of the most valuable things an owner has in their property.

In New York, we have zoning maps so we have a predetermined size that a building can go up based on the air rights available in your zoning.

So if you have a property that might be three or four floors but your zoning predicts that for residential use you can go up to 5.4 or for commercial use you can go up to six floors, you have additional air rights available to you.

Now how can that be used? Sometimes, you as the owner, can develop in the structure and build higher, or you can sell it to a neighboring property for big bucks, meaning another developer might come in, buy the assets surrounding your property, and say “hey, Mr. Owner, can I buy your air rights so I can continue to build higher in my building?”

So if you’re a building owner and you haven’t really investigated how much air rights you have available, and you see construction in your neighborhood, give a good realtor a call.