What is The Value of Air Rights in NYC?

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If you have a property in NYC that has not reached its Floor Area Ratio (FAR) limit, it has unused/unbuilt potential left, called the air rights. So you might wonder – how much are air rights worth in NYC? The simple answer is, they are worth as much as someone is willing to pay for it.

Determining The Worth of Air Rights in NYC

Air rights are most commonly transferred between adjacent lots by a process called zoning lot merger. In this process, the lots of buildings with air rights remaining and buildings that wish to buy/use these zoning rights are merged (on paper). There is a way to transfer air rights for properties that do not touch each other, but it’s more complicated and less common. 

So, if you wish to sell air rights, you may get the best rates from your neighboring properties (if they wish to buy). If you want to buy air rights, the worth may be determined by market dynamics and the demand for the air rights of properties surrounding your lots.

Iconic New York City high-rise showcasing air rights potential, ideal for buyers exploring NYC real estate opportunities with guidance from a New York City broker.

Typical Cost of Air Rights

Some of the most significant laws in New York state and city might impact various stakeholders in the city, including buyers, sellers, property owners, and New York City brokers. 
Also Read: NYC Tenant Law for 2024


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