Skyscrapers in China. Credit: hallojulie/Adobe Stock Creating Value Out of Thin Air: Air Rights Decoded
The Zoning Resolution regulates the amount of floor area (a.k.a., "development rights") that can be developed on such individual zoning lot by multiplying the lot area of the zoning lot, times the maximum permitted floor area ratio (FAR) for the zoning district underlying the zoning lot.
January 05, 2023 at 10:00 AM
6 minute read
Land Use and Planning
On Dec. 8, 2022, New York City Mayor Eric Adams outlined his "Get Stuff Built" initiative to "add hundreds of thousands of units to address the [the housing crisis]," including loosening administrative hurdles required in connection with rezonings, special permits, and other discretionary actions. This is great news for zoning and land use practitioners—the faster the better! However, in the interim as these proposals take shape, this article focuses on the hidden, as-of-right, no discretionary interference method to maximize development potential: The transfer of air rights (technically, the transfer of "floor area") from one tax lot to another.
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