The transfer of development rights under the Zoning Resolution of the City of New York (Zoning Resolution or ZR) has become an essential mechanism in the assemblage and development of land in New York City. Understanding what is necessary to effectuate these transactions is therefore critical.
A recent article in the New York Law Journal1 addressed the issue of development rights transfers and suggested that a memorandum issued on July 14, 2008, by the Department of Finance (the DOF memo)2 changed, as of Sept. 1, 2008, the way in which these transfers must be documented and recorded and the terms under which title insurance for such transfers may be available.
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