Air rights? - Is there a New Yorker in the house?

[kenny]

I don't get it.
Either they are buying the rights to:

1. build a taller building than current zoning allows.

2. build a taller building that blocks some else’s view and paying money to the blockee?

3. prevent someone in front of them from building up and blocking their view?

4. build a tall building that not only goes straight up but ALSO cantilevers over on top of a low building next door?

link

 

[Morticia]

I'm a New Yorker. Can't believe I never heard/thought of air rights.

Hmmm.... My guess is that the location they want, given the views of Central Park, is what is causing the high price. Oh, and probably b/c it is going to be higher than what they usually allow. That's a prime location though. Big money. Park Avenue, shopping, views of Central Park. Gorgeous.

Sadly, an area I'll never be able to afford to live in.

 

[ammayernyc]

This has been going on for a long time. I personally have not seen any reason for why I should be against it, except for the fact that big-time developers are starting (or basically continuing) to rule the city.

Was there a question or are you just baffled?

 

[kenny]

Sorry
Never mind.
I see now it is #1.
D''oh.
Imagine how pissed the people are who are losing their view of Central Park!
Wouldn''t that affect their property value just a tad?

 

[ammayernyc]

Date: 11/30/2005 1:22:12 PM
Author: kenny

Sorry
Never mind.
I see now it is #1.
D''oh.

Imagine how pissed the people are who are losing their view of Central Park!
Wouldn''t that affect their property value just a tad?

It does affect property value drastically. People get more pissed than you can possibly imagine. I had some personal dealings with people (through my work) who were losing their view because a cancer research center was being built in front of their building. One woman actually had the nerve to say, ''well, maybe cancer shouldn''t be cured here'' because she was so upset.

It''s amazing that there is an actual price on air, but that seems to be the case. And the building buying the air rights doesn''t have to buy the rights from the building adjacent to it. A building can buy them from somewhere on the other side of the city.

I thank my lucky stars that I live in a building that will never have an obstructed view!

 

[kenny]

So 5 years from now when this new building is completed and all the units are sold for $10,000,000 each the owner of a property in front of them can pay for air rights and block their view?

 

[ammayernyc]

Date: 11/30/2005 1:41:33 PM
Author: kenny
So 5 years from now when this new building is completed and all the units are sold for $10,000,000 each the owner of a property in front of them can pay for air rights and block their view?

Yes, indeedy.

 

[kenny]

Where will it stop?

 

[ammayernyc]

Date: 11/30/2005 2:06:39 PM
Author: kenny
Where will it stop?

When everybody moves out of New York City.