Air Rights and Transferable Development Rights (TDRs) play a significant role in many of New York City's major development projects.
Developers often acquire air rights in order to construct a building with a floor area exceeding that of zoning regulations
allow for a particular site "as of right". A parcel's "as of right" maximum floor area is typically determined by multiplying it's
lot area by the maximum floor area multiple. Development rights are usually acquired by developers from owners of contiguous lots and result
in the creation of a single zoning lot. There are situations when air rights can be transferred when the parcels are not contiguous, such as in
Special Purpose Districts and Historical Districts.
If a developer is interested in acquiring your property's unused air rights, it's prudent to hire an expert appraiser to conclude an opinion of market value of your unused air rights. Consulting with an appraiser experienced in the valuation of air rights can be advantageous for negotiations. Understanding the general market trends for rights in your market area, the specific dynamics relative to the development site which stands to gain from your air rights, and the importance your property's unused air rights have to the development site are vital to factors we take into consideration.
In addition to providing such valuation services to property owners selling their air rights, we also provide such services to developers for the purpose of assisting them in determining how much they can afford to pay for air rights. Request Appraisal Quote