Air Rights

A Quick Explanation of NYC Air Rights

People outside of New York City are often amazed at the prices property owners get when they sell their air rights.  In 2013, the Zeckendorf brothers paid $40,000 for 70,000 square feet of air rights from Christ Church ($571 per sq.ft.).  To pay for a $100 million renovation, Union Theological Seminary is considering selling 350,000 sq.ft. of air…

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