For NYC developers, the air in the Big Apple may soon become almost as valuable as the land. With land prices going up and not too much space to build horizontally, the right to build vertically has gotten a lot of attention lately and will continue to do so especially if the law governing the transferable development rights becomes more flexible.
In NYC real estate, the total number of square feet allowed to be built on a certain lot is regulated by the zoning law. With many areas still underbuilt, it seems that there are still millions of square feet hanging up in the air which developers can use for their projects. Where exactly are those areas located?
If you take a look at our Air Rights map you’ll see which areas present the biggest opportunities for upward development right now — look for the dark red and yellow patches. You’ll find that many areas where real estate prices have been soaring for several years — parts of Lower Manhattan, Harlem, and North Brooklyn — have unused air rights.
Click on the map to check out the development opportunities in your area of interest:
If you are a PropertyShark subscriber, you’ll also have access to the mini report available for your property of interest. The report provides an overview of the property together with information on the maximum usable area and the available air rights, calculated by parcel and block.
To access the full report, which contains even more information on the property, such as its sales and tax history, ownership, and more, click on the property address in the mini report.
Not a PropertyShark member? Check out this sample report to see what data is available for NYC properties!