PropertyShark's air rights map, published recently on the Real Deal, may very well be your tool for decoding where developers may be headed next. It shows where there's still lots of air rights available—important if you're a real estate investor looking to build the next high-rise. A quick primer: Air rights are developable assets that exist above a building if it isn't as tall as what the neighborhood's maximum heights are. According to the website Air Rights New York, "if a building adjacent to a construction site is lower than neighborhood zoning laws allow, the developer can acquire the building’s unused air space, add it to his or her project, and erect a taller building."
I'm wondering how these developers acquire the air rights above adjacent properties. I live in Astoria where, according to the map, developers are acquiring air rights above houses like mine and then adding floors to their buildings. As the property owner beneath the air rights, do I have to be notified if someone is buying the air rights above my home? Or can they just buy them without my knowledge and then one day, when maybe I want those air rights for an FAR adjustment I discover they're gone? This is very disturbing to me.
Then, please explain how the owner of 158-40 79 Avenue has given development rights (ZLDA) to 158-15 Union Turnpike in Flushing!! Block 6831 Lots 21 and 22.
Anonymous: Air rights are sold by the owner of the property.
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