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In New York, Even Air Has a Price

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  • Description

    Stroock & Stroock & Lavan LLP partner Ross Moskowitz on utilizing property air rights.

  • Duration 3:10
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Announces -- will no real life saving deal.

Costs a fortune but it's not just the land that has high value the air space in the city also costs big box and yes in New York.

Even the -- has a price joining us now is rust spots commits father of the law firm of -- stricken down a ban.

So Ross -- this question is and people Legos which I love thank you two to illustrated I have my Clifford yes.

Would come back to -- how does this work how how how on earth can you -- And writes in New York City you think about that but thank you -- you think about.

Every property in New York City has development rights someone of a math.

But you can build big large small.

But every proper doesn't always utilize -- parents we have here an example of a square block in New York City and these buildings are different shapes and sizes as you say you -- this building here.

Maybe could be -- this -- what you can do is actually sell it terrorized the property next door so the property next story can be built bigger.

They have to sell to finance and is correctly you have to sell to the property adjacent to you correct had to have some connection -- basing a little model here what -- the red.

To buildings don't want the space but say the yellow buildings do.

Great question we have is red has found money I mean this is -- and who's selling pet hair -- gets money.

You know it's found money for red because in order for this to go to -- up you have to first -- have to read read and read because -- connected to yell out.

Gets found money.

Where they were normally have money.

And against the -- the share right to there to yellow how much does the -- cost.

There is not cheap but -- again depends on who's been selling who's buying could be anywhere from twenty dollars a square for -- 30000 square foot.

But it really some of the larger deals it's -- as much as 30400.

Dollar square foot the right to -- scare me it just seems very -- -- -- if it is but its appraised just like normal real estate and depend on how much you're gonna build and what you're gonna build.

Depend on what the value will be just like you would what you would value just they -- piece of property.

I find it hard to leave the New York City would.

A size of this city in the age of this city does any and leftists -- there's there's a lot of -- is untapped resource is that you don't even know about because billions -- so all.

Billings that didn't have zoning in front of them when they were built in nineteen twin 1930.

-- zoned -- they're under built in May not even know that there undeveloped until someone comes by and says hey we wanna buy your air rights because we're next story we're gonna build bigger.

When you wouldn't do you zones.

How personal how -- they know how high the zone at four and then how do you find out what kind of space you have left.

Well zoning is throughout the city there's a zoning plan tells you how big how small you can look it up online it's really quite simple.

If you have any air rights means you have to do sometimes a -- search you have to sometimes hire an attorney like myself to determine where they have their rights but ultimately you can figured out.

Is there a limit on how much -- -- so.

There's not a limit but there are some height restrictions so -- just -- -- for instance just because they can sell it here to yellow.

Yellow has to have the ability to actually build that -- it may have the ability to receive the air rights -- necessary to build this -- -- Fascinating stuff.

You know this is going on DJ II and still not sure I know what's going on thanks.

The making -- species representative -- smallest units of us strips for can never thank you so much for us and thanks for bringing -- is what we have.

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