{"id":35182,"date":"2019-04-29T17:20:19","date_gmt":"2019-04-29T14:20:19","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=35182"},"modified":"2019-05-08T12:23:43","modified_gmt":"2019-05-08T09:23:43","slug":"1-6-billion-square-feet-of-unused-air-rights-in-nyc","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2019\/04\/29\/1-6-billion-square-feet-of-unused-air-rights-in-nyc\/","title":{"rendered":"1.6 Billion Square-Feet of Unused Air Rights in NYC"},"content":{"rendered":"<p>The rental market in NYC is primed for change and not everyone agrees on which direction to go. With landlord\/tenant <a href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2018\/12\/21\/nyc-multifamily-market-slows-ahead-of-june-2019-uncertainty\/\" target=\"_blank\" rel=\"noopener\">regulations<\/a>\u00a0set to change in June, the rental landscape in NYC could look very different in 10 years. Additionally, air rights, also called development rights, are also on the legislative docket. NYC currently has over 1.6 billion unused air rights. Of the five boroughs, Queens currently has the most unused air rights, and being quite suburban, Queens is well positioned for future skyward growth as its population continues to increase.<\/p>\n<div class=\"infogram-embed\" data-id=\"7fcae4f9-55b5-410b-b216-a6401c42563f\" data-type=\"interactive\" data-title=\"AirRights2\"><\/div>\n<p><script>!function(e,t,s,i){var n=\"InfogramEmbeds\",o=e.getElementsByTagName(\"script\")[0],d=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(i)&&(i=d+i),window[n]&&window[n].initialized)window[n].process&&window[n].process();else if(!e.getElementById(s)){var r=e.createElement(\"script\");r.async=1,r.id=s,r.src=i,o.parentNode.insertBefore(r,o)}}(document,0,\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<p>Although NYC\u2019s air rights can be controversial and extremely complicated at times, they remain a very useful tool for growth. Developers need to navigate a gauntlet of government regulations, <a href=\"https:\/\/therealdeal.com\/2018\/06\/14\/seward-park-co-op-votes-down-54m-air-rights-sale-to-ascend-group\/\" target=\"_blank\" rel=\"noopener\">co-op boards<\/a>, historical designations, and public sentiment. Just last year, a <a href=\"https:\/\/therealdeal.com\/2018\/06\/14\/seward-park-co-op-votes-down-54m-air-rights-sale-to-ascend-group\/\" target=\"_blank\" rel=\"noopener\">co-op board<\/a> denied a $54 million offer to purchase their available developmental rights for a two-building condo project.<\/p>\n<p>The New York City Housing Authority (NYCHA) owns roughly 80 million square feet of unused air rights that may be up for sale soon. In addition to selling air rights, the proposed <a href=\"https:\/\/www1.nyc.gov\/assets\/nycha\/downloads\/pdf\/NYCHA-2.0-Part1.pdf\" target=\"_blank\" rel=\"noopener\">10-year plan<\/a> from NYCHA also includes handing over management of about 35% of its controlled units to private management companies. NYCHA has also stipulated that these management companies carry out specific improvements over the next 10 years.<\/p>\n<p>Unsurprisingly, most residential air rights are located on blocks with more green space than average, even when the buildings reach upwards of 18 stories. This means there\u2019s a high amount of versatility in the usage of the air rights, whether they\u2019re sold to adjacent blocks for projects, used within for infill projects, or to maintain views and sunlight by keeping them unused.<\/p>\n<p>The big question is, where are these air rights located? Here at PropertyShark, we have a one-stop shop for air rights in NYC. The map below is a snapshot of where air rights are not being used and may be available for purchase, right down to the lot and parcel. We&#8217;ve identified three for you check out:<\/p>\n<p><a href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2019\/04\/Air-Rights-map.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-35199 size-full\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2019\/04\/Air-Rights-map.png\" alt=\"\" width=\"899\" height=\"799\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2019\/04\/Air-Rights-map.png 899w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2019\/04\/Air-Rights-map.png?resize=300,267 300w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2019\/04\/Air-Rights-map.png?resize=768,683 768w\" sizes=\"auto, (max-width: 899px) 100vw, 899px\" \/><\/a><\/p>\n<p>Explore the map for yourself <a href=\"https:\/\/www.propertyshark.com\/mason\/ny\/New-York-City\/Maps\/Air-Rights\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The rental market in NYC is primed for change and not everyone agrees on which direction to go. With landlord\/tenant regulations\u00a0set to change in June, the rental landscape in NYC could look very different in 10 years. Additionally, air rights, also called development rights, are also on the legislative docket. NYC currently has over 1.6&hellip;<\/p>\n","protected":false},"author":63,"featured_media":35194,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[328],"tags":[],"class_list":["post-35182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-york-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>1.6 Billion Square-Feet of Unused Air Rights in NYC - PropertyShark Real Estate Blog<\/title>\n<meta name=\"description\" content=\"Finding enough air rights can be a boon when completing projects. Our map shows where air rights are not being used, right down to the lot and parcel.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2019\/04\/29\/1-6-billion-square-feet-of-unused-air-rights-in-nyc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"1.6 Billion Square-Feet of Unused Air Rights in NYC\" \/>\n<meta property=\"og:description\" content=\"Finding enough air rights can be a boon when completing projects. Our map shows where air rights are not being used, right down to the lot and parcel.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2019\/04\/29\/1-6-billion-square-feet-of-unused-air-rights-in-nyc\/\" \/>\n<meta property=\"og:site_name\" content=\"PropertyShark Real Estate Blog\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-29T14:20:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-05-08T09:23:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2019\/04\/Air-rights_featured_1920x1280.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Patrick McGregor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Patrick McGregor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"1.6 Billion Square-Feet of Unused Air Rights in NYC - PropertyShark Real Estate Blog","description":"Finding enough air rights can be a boon when completing projects. 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He also holds an MBA from Thunderbird School of Global Management. Patrick was previously a commercial real estate analyst at Yardi Matrix for five years. His work has appeared in the New York Times, Bisnow, GlobeSt, The Real Deal, Business Insider, The Denver Post, The Motley Fool, and more.","sameAs":["patrick.mcgregor@yardi.com"],"url":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/author\/patrickmcgregor\/"}]}},"jetpack_featured_media_url":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2019\/04\/Air-rights_featured_1920x1280.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/posts\/35182","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/users\/63"}],"replies":[{"embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/comments?post=35182"}],"version-history":[{"count":10,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/posts\/35182\/revisions"}],"predecessor-version":[{"id":35223,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/posts\/35182\/revisions\/35223"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/media\/35194"}],"wp:attachment":[{"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/media?parent=35182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/categories?post=35182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/tags?post=35182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}