The phrase air rights, depending on who you you’re speaking with, conjures up various thoughts and opinions over exactly what they are! There is of course the environmental and aviation context, but for the purposes of this article we speak of the ability for a developer to build a building to a certain vertical height. One can possess air rights […]
The topic of New York City air rights is somewhat arcane, and an area of commercial real estate development that is not TRULY understood by many in the marketplace! Recently the Hallmark Abstract Service blog had published an article titled, ‘Are Manhattan Air Rights Losing Some Of Their Luster?‘, that examined how as ‘the market for […]
Development rights, aka air rights, are an extremely valuable commodity on the New York City real estate scene! And it’s the fact that Stuyvesant Town possesses over 700,000 square feet of development rights that some feel helps to explain why Blackstone Group, as part of its deal to purchase this iconic property, was willing to […]
