How do I transfer my air rights to NYC?
In New York city you can merge zoning lots so that a new development can use the undeveloped potential of an adjacent property. The unused potential is what people usually refer to as Air Rights. A zoning lot merger will be the easiest and most common way to buy and sell air rights.
How much are air rights in NYC?
How much is air? According to the Department of City Planning, Manhattan air rights average $225 per square foot citywide. (To put the price of NYC air rights in perspective, the national housing average price per square foot is $64.44, according to the US Census Bureau.
How does NYC air rights work?
Air rights are sold and transferred through a Purchase and Sale Agreement, similar to what is used when selling a condo, co-op or house. The contract may also contain a light and air easement provision which, for example, may prevent the seller from blocking the views from the upper floors of the developer’s building.
How do I check my air rights in NYC?
The transfer of development rights (commonly known as selling “air rights”) is recorded through the filing of a declaration with the City Register. You can look up the property records, including such declarations, for a property by visiting the Department of Finance’s online database, ACRIS.
Can you really buy air rights?
Just like any other surface rights, air rights can be bought, leased or sold; they can act as a price booster when selling a property.
Is there really such a thing as air rights?
At the simplest level, the term air rights simply refers to the right to occupy certain empty space. For example, the rights to the navigable airspace over the United States are owned by the public and governed by the Federal Aviation Administration, or FAA.
Do you own the airspace above your house?
The Court ruled that the landowner “owns at least as much of the space above the ground as he can occupy or use in connection with the land.” (U. S. v. Causby at p. 264.) Airspace that can be occupied or used by the landowner must be his, and.
Is the airspace above your home yours?
Ownership of airspace is just like ownership of land. The owner can use and enjoy it reasonably. Zoning and other statutes often restrict the height of buildings. Such statutes don’t actually declare the unused airspace to belong to the public, however; they merely restrain the owner’s use of that space.
Are air rights a thing?
At the simplest level, the term air rights simply refers to the right to occupy certain empty space. For example, the rights to the navigable airspace over the United States are owned by the public and governed by the Federal Aviation Administration, or FAA. In real estate, air rights are a somewhat different concept.
Can I buy the airspace over my house?
How much air space can you own? In fact, at common law your rights to the air space above your property extend only to ‘such height as is necessary for the ordinary use and enjoyment of his land and the structures upon it’.
